Re-decision on 9 Bitcoin ETFs as of tomorrow possible
Home News new decision on 9 Bitcoin ETFs as of tomorrow possible
Marcus Misiak –
The approval of a Bitcoin-based ETF’s is considered by many experts as the Holy Grail for the trend reversal from the bear market and rising crypto-currency prices. As of 9 Bitcoin ETFs, the SEC announced in early October, a re-examination, it could come in the next few days now the (re) decision.
By the end of August, the American stock market regulator, Securities and Exchanges Commision (SEC), a total of 9 Bitcoin ETF has rejected the proposals. It was two Bitcoin ETF proposals by ProShares, five ETFs from Direxion, the Arca should all be on the New York Stock Exchange (NYSE) listed, and two proposals of granite shares to listing on the CBOE.
Direxion requested approval for Bitcoin ETFs in cooperation with the NYSE that would have done no physical Bitcoin, but would have been at the price of Bitcoin is bound to Long or Short positions with leverage positions would have allowed. The granite shares ETFs would be traded against Bitcoin Futures products on the Chicago derivative exchanges, CBOE, and CME available.
All 9 ETFs were abglehnt in August. Similar to the denial of the Winklevoss Bitcoin ETF, the SEC also expressed in these Bitcoin ETFs your concern that the underlying market is prone to fraud and Manipulation. Remarkably, has been used by the SEC in all their rejections exactly the same Argumentation and wording:
… the Commission rejects this proposed rule change, the exchange, as explained below, your charges from the stock exchange act and the rules of procedure of the Commission is not complied with, in order to demonstrate that your proposal to the requirements of the section relating to the market sector 6 b) (5), and in particular the requirement that the rules of a national securities exchange are designed so that fraudulent and manipulative acts and practices.
At the beginning of October then went to documents the SEC to the public, from which it is clear that the SEC has begun to review the possible approval of the Bitcoin ETF applications of ProShares, Direxion and granite shares.
What had happened is that the rejections are due to the fact that the Commission has delegated the examination to your employees. The staff had acted on behalf of the Commission, and the 9 Bitcoin ETFs rejected. As a result of additional provisions of the regulation, the Commission is empowered, however, to check such “delegated” decisions.
Starting tomorrow, a decision can fall
The SEC submitted documents to show that all affected parties up to 5. November time have been able to take, within which all parties to the ETFs position. Thus, it can be assumed that the SEC will make tomorrow an announcement. Of course, it is also conceivable that the SEC will still be several days to verify the submitted documents in detail.