THELOGICALINDIAN - Bats BZX Exchange has submitteda apprehension of ambition to address for analysis of adjustment accusatory its proposed aphorism change to account and barter Coin ETF by the US Securities and Exchange Commission SEC
Also read: SEC Rejects Rule Change for Bitcoin ETF
Notice of Intention to Petition
National law close Schiff Hardin LLP faxed its letter as able-bodied as a letter accounting by Bats BZX Exchange to the SEC on March 17, but they were not appear on the SEC’s website until aboriginal this week. Bats Exchange’s letter clearly serves as a 
“notice of ambition to address for analysis of adjustment accusatory a proposed aphorism change” pertaining to the advertisement and trading of Coin ETF which the Commission rejected on March 10. The SEC’s disapproval accommodation was fabricated by “the Division of Trading and Markets pursuant to delegated authority”.
The barter cites Rule 430(b)(1) of the SEC’s Rules of Practice in its letter, which capacity the activity for an ‘appeal of accomplishments fabricated pursuant to delegated authority’. This aphorism states that “a affair to an activity fabricated pursuant to delegated authority, or a being afflicted by such action, may seek Commission analysis of the activity by filing a accounting apprehension of ambition to address for review”.
Petition for Review
The letter additionally states that: “Bats intends to book alone a address for analysis in accordance with Rule 430(b)(2) of the Securities and Exchange Commission’s Rules of Practice”.
Rule 430(b)(2) outlines the action of how to absolutely address for review. It reads:
In addition, the address charge accommodate “exceptions to any allegation of actuality or abstracts of law made, calm with acknowledging affidavit for such exceptions 
based on adapted citations to such almanac as may exist. These affidavit may be declared in arbitrary form”, according to the rule.
Once the address is filed, the SEC will actuate whether to admission a review. If it is begin that the Commission’s agents had accomplished an erroneous cessation of law by misapplying the Exchange Act standards appliance to the proposed aphorism change, again a analysis would be granted. Subsequently, the Commission may “affirm, reverse, modify, set abreast or adjourn for added proceedings, in accomplished or in part, any action” fabricated by the delegated authority.
Why the Bitcoin ETF was Rejected
In abnegation Coin ETF, the SEC disqualified that Bats Exchange charge “have surveillance-sharing agreements with cogent markets for trading” bitcoin or its derivatives, and that bitcoin markets charge be regulated. However, it begin that “the cogent markets for bitcoin are unregulated”, accordingly there could not be the blazon of surveillance-sharing agreements bare to be constant with the Exchange Act.
Bats had already approved to argue the SEC that there is a absolute surveillance-sharing acceding in abode to adviser the trading of Coin ETF on its exchange, but it bootless to argue the SEC the aboriginal time. In the exchange’s address which should be filed by the end of the week, Bats Barter will accept to argue the SEC that a analysis is warranted.
While Bats Exchange is angry to about-face the SEC’s accommodation to adios Coin ETF, NYSE Arca is cat-and-mouse to apprehend the Commission’s accommodation on its proposed aphorism change to account and barter Solidx Bitcoin Trust which is due on March 30. The Community has already been expecting the SEC to adios that proposed aphorism change as well.
Do you anticipate Bats Exchange will be able to argue the SEC to about-face its decision? Let us apperceive in the comments area below.
Images address of Shutterstock, SEC, and Bats
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