Bitcoin, Crypto currency, Blockchain

Not a Bitcoin ETF? SEC would like to check ETF decisions

176ce4071a313840bc5ed3d17d1f47f9 - Not a Bitcoin ETF? SEC would like to check ETF decisions

After the U.S. securities and exchange Commission SEC on the 22. August nine-Bitcoin-ETF-has rejected, would like to drag these decisions now, yet again.

As on 23. August reported, the Security and Exchange Commission, or SEC, the applications of three companies – Proshares, granite shares and Direxion rejected. The commissioners voted 3:1 against a other Bitcoin ETF application.

This decision was made only a day later, out of the question. Brent Fields of the SEC wrote to David De Gregorio of the New York Stock Exchange:

“This Letter is to inform you that the Commission will review in accordance with article 43, I of the rules of procedure of the Commission, 17 CFR 20 I .43 1, the delegated action. In accordance with article 431, letter e) is the arrangement of 22. August be suspended until the Commission orders otherwise.“

The Republican Commissioner Hester Peirce, also of the SEC, sees the ETF refusal of a suppression of Innovation. In their view, the SEC is exceeding its powers. Because the focus was on Bitcoin itself and not on the use to discuss derivative:

“The Commission refers incorrectly to the securities exchange act, which requires that the rules of a national securities exchange are designed to prevent fraudulent and manipulative acts and practices. It focused its decision on the recording of the ETPs, but rather on the underlying Bitcoin spot market. Just by the BZX-listed and-traded ETPs, it would be possible to monitor the market and to prevent manipulation… Should we approve in the end an ETF on Bitcoin, investors may be came to the conclusion that this investment is the seal of approval of the SEC, as the Commission could boast of a Due diligence.“

It is certainly not the first Time that an authority establishes an earlier “final” decision in the very short term to the discussion. Fixed: The much-discussed issue of ETF is a long way from the table.

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