BNY Mellon Appointed as Transfer Agent for Bitwise’ Intended Bitcoin ETF September 12, 2019 September 12, 2019 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Bitcoin NewsSeptember 12, 2019 by Kelly Cromley

BNY Mellon Appointed as Transfer Agent for Bitwise’ Intended Bitcoin ETF

The Bitcoin (BTC) exchange traded fund (ETF) of Bitwise Asset Management will be administered by Bank of New York Mellon.

Furthermore, the bank will also act as transfer agent for the proposed ETF. In this regard, Bitwise has modified the S-1 form submitted to the US SEC (Securities and Exchange Commission).

The amendment also indicates that accounting firm Cohen & Company will act as auditor, while Foreside Fund Services, Boston-based legal firm, will perform the role of Bitcoin ETF’s marketing agent.

However, the firms will perform their duties only after the US financial regulators will approve the offering.

Earlier in January, Bitwise submitted its suggested rule change to “the Securities Act of 1933 to list its Bitcoin ETF on NYSE Arca.”

However, the ETF has faced indefinite postponements from regulators, who are still anxious about the possibility of price rigging in cryptocurrency markets and its ripple effect on a hypothetical Bitcoin ETF.

Of late, the SEC postponed its final verdit on the Bitwise ETF to October 13. In spite of these hitches, Bitwise CEO Huner Horsley stays positive about its ultimate listing. Last month, Horsley stated that the SEC is having an open mind regarding its approach and concerns towards Bitcoin ETF, including worries over proof of custody.

Jay Clayton, SEC Chairman, has recently stated that advancements are being made with regard to Bitcoin ETF, but there are some more worries that need to be addressed. Clayton stated that “there is work left to be done.”

BNY Mellon, which acts as custodian of more than $33 trillion assets as of December 2018, was involved in crypto and blockchain domain since 2015. The bank has collaborated with Bakkt to develop a Bitcoin futures trading software.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.