WisdomTree Withdraws Application for Ethereum Trust
CryptoNewsTerminal Staff06 Sep, 2024
WisdomTree Withdraws Application for Ethereum Trust
WisdomTree, a US asset manager, has withdrawn its application to register an Ethereum Trust. The decision was revealed in a filing made with the Securities and Exchange Commission (SEC). WisdomTree first filed for the Ethereum Trust in December 2021, seeking to provide investors with exposure to the cryptocurrency. However, the SEC has yet to approve the application. WisdomTree has not publicly stated its reasons for withdrawing the application. However, the SEC has been scrutinizing cryptocurrency-related products, and it is possible that WisdomTree did not believe its application would be approved. The withdrawal of WisdomTree's application is a setback for the cryptocurrency industry. It shows that the SEC is still hesitant to approve cryptocurrency products, and it could make it more difficult for other companies to launch similar products.
