NYSE Arca, a subsidiary of Intercontinental Exchange, has amended its filing for the proposed Bitwise bitcoin exchange-traded fund (ETF), criticizing the US Securities and Exchange Commission’s (SEC) view of academic literature on the lead-lag relationship between spot and futures markets. Bitwise does not believe the academic literature is mixed and argues that there is a consensus showing that the Chicago Mercantile Exchange (CME) futures market leads the spot market. The filing also addresses eight disagreements raised by the SEC in previous disapproval orders and emphasizes that a new spot bitcoin ETF is unlikely to have a predominant influence on prices in the CME futures market without also impacting the spot market.

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