Summary The Securities and Exchange Commission (SEC) has rejected yet another Bitwise bitcoin exchange-traded fund (ETF) proposal. This is exactly what we expected to happen. But this time, the SEC did something we didn’t expect: It actually gave constructive feedback in the form of a detailed 112-page response. Adam Sharp and Andy Gordon discuss the SEC’s history of hesitation and how this feedback could be a guide to winning its approval. Regardless of the SEC’s approval, though, bitcoin ETFs…