Bitwise Asset Management has withdrawn its application to launch an exchange-traded Bitcoin-based (ETF) fund. This information was confirmed by the head of the research department of the company Matt Hougan to The Block.

According to Matt, this step “is consistent with the public interest and protection of investors.”

“We did indeed withdraw the application. This is a procedural step, and we intend to refile our application at an appropriate time.”

He added that the company remains committed to the development of Bitcoin ETF and will continue to “work hard” on items that the US Securities and Exchange Commission (SEC) previously requested clarification on.

Bitwise’s application for registering Bitcoin ETF was filed in January 2019. Consideration of the document was postponed once. As a result, despite the optimistic attitude of the company representatives, the SEC rejected the application due to the non-compliance of the product with requirements aimed at preventing possible market manipulations and other illegal activities.

However, later the regulator announced its intention to reconsider this decision. In turn, representatives of Bitwise were ready to submit a second application for the launch of Bitcoin ETF.