BNY Mellon to Act as Transfer Agent for Bitwise’s Proposed Bitcoin ETF

Bitwise amended the S-1 form that it submitted to the United States Securities and Exchange Commission (SEC) on Sept. 11. The amendment also lists major accounting firm Cohen & Company as auditor, while Boston-based legal firm Foreside Fund Services is listed as the Bitcoin ETF’s marketing agent.

Bank of New York Mellon has been appointed to serve as transfer agent and administrator of  Bitwise Asset Management’s proposed Bitcoin exchange-traded fund (ETF).

Whether any of the aforementioned firms will act in their appointed regard depends on an eventual decision to allow the listing by U.S. financial regulators.

The long road to a Bitcoin ETF

In January 2019, Bitwise filed its proposed rule change to the Securities Act of 1933 to list its Bitcoin ETF on NYSE Arca. Since its filing, the ETF has experienced a circuitous series of delays from regulators, who are still nervous about the potential for manipulation in cryptocurrency markets and its subsequent effect on a hypothetical Bitcoin ETF. Most recently, the SEC delayed its decision on the Bitwise ETF to Oct. 13.

Despite setbacks from regulators, Bitwise CEO Hunter Horsley remains optimistic about its eventual listing. In an August interview, he noted that the SEC has been open regarding its concerns about a Bitcoin ETF, which include issues pertaining to proof of custody.

SEC Chairman Jay Clayton recently said that progress is being made vis-a-vis a Bitcoin ETF, but the agency still had pressing concerns that need to be addressed, stating, “There is work left to be done.”

BNY Mellon in blockchain and crypto

BNY Mellon, which has over $33 trillion assets under custody as of December 2018, has previously been involved in the cryptocurrency and blockchain spaces. It partnered with Bakkt to work on a Bitcoin futures trading platform and has been working on blockchain technology since 2015.

US E-Cigarette Ban Stokes Fears Trump Could Target Bitcoin

Bitcoin proponents are again mulling the chances of the United States banning cryptocurrency as lawmakers move to outlaw flavored e-cigarettes.

E-cigarettes: Washington “clears market”

The sudden restrictions, which both the White House and the Food and Drug Administration confirmed on Sept. 12, mean e-cigarettes will disappear from the U.S. market within a month.

Manufacturers may be able to bring back their products in the future, subject to safety tests proving they are not responsible for a reported surge in lung disease which triggered the government action.

“The Trump Administration is making it clear that we intend to clear the market of flavored e-cigarettes to reverse the deeply concerning epidemic of youth e-cigarette use that is impacting children, families, schools and communities”, Health and Human Services Secretary Alex Azar said in a statement.

“Nothing out of bounds” for Trump

While not directly pertaining to cryptocurrency, some in the industry nonetheless raised concerns that such executive powers could just as easily extend to Bitcoin.

“This is un-related but shows White House can issue an ‘executive order’ banning anything. And could even ban bitcoin”, Fundstrat Global Advisors co-founder, Tom Lee, commented.

He added:

“Not expecting it. But with current White House, there is ‘nothing out of bounds nor out of reach.’”

As Cointelegraph reported, President Donald Trump has previously spoken negatively about cryptocurrency, comments which sent shivers through markets and subsequently saw support from senior government officials.

No policy changes occurred in light of the criticism in July, but the U.S.’s patchwork regulatory approach to the phenomenon continues to worry businesses and consumers alike.

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