THELOGICALINDIAN - The US Securities and Exchange Commission SEC today issued an adjustment accusatory the proposed aphorism change to account and barter Coin ETF on the Bats BZX ExchangeThis is the aboriginal Bitcoin ETF which the SEC has disqualified on Two added Bitcoin ETFs are additionally actuality advised by the Commission
Also read: Examining SEC’s Decision to Reject Bitcoin ETF
The Decision
The SEC has aloof published an “Order Disapproving a Proposed Rule Change, as Modified by Amendments No. 1 and 2, to BZX Rule 14.11(e)(4), Commodity-Based Trust Shares” to account and barter the Coin ETF.
Bats BZX Exchange filed the proposed aphorism change with the Commission on June 30, 2016, which was afterwards appear in the Federal Register on July 14. Almost 240 canicule afterwards and 59 comments received, the SEC assuredly fabricated a decision. In its order, afterwards recapping the filing history, the Commission wrote:
Read about the affidavit for the SEC’s bounce here.
Bitcoin Will Be Ok
Bitcoin’s amount has been on a wild ride today as the bazaar anticipates the ETF decision. While abounding in the Bitcoin association were hopeful of a absolute outcome, analysts had already accepted the approval of a Bitcoin ETF to be unlikely. Needham & Company, for 
example, predicted a beneath than 25 percent adventitious of it happening.
Last month, the firm published an all-embracing assay on Bitcoin ETFs which additionally discussed the furnishings on bitcoin’s amount should the SEC adios the proposed aphorism change. Author Spencer Bogart, who ahead accepted a “highly limited” downside aback in January, revised his appearance and wrote that: “we anticipate downside risks is greater than it was alone a few weeks ago”. His declared affidavit were that “there’s been a cogent countdown in price, the exceptional on GBTC has collapsed substantially, the ETF has apparent a cogent access in media attention, and some segments of the bazaar arise to be apperception in favor of approval”.
Despite downside risks, Bogart concludes that:
This is the aboriginal time the SEC has fabricated a accommodation on a proposed aphorism change to account and barter a Bitcoin ETF. There are two added proposed aphorism changes, both filed by NYSE Arca, for two altered bitcoin ETFs actuality advised by the Commission this year; Solidx Bitcoin Trust and Barry Silbert’s Bitcoin Investment Trust.
What do you anticipate of the SEC’s decision? Let us apperceive in the comments area below.
Images address of Shutterstock and SEC
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