THELOGICALINDIAN - The SEC has said no to applications for nine altered Bitcoin ETFs Applications came from ProShares Direxion and GraniteShares
Nine applications to account and barter altered Bitcoin ETFs were alone by the SEC, according to three different releases dated August 22nd.
The authoritative bureau (predictably) alone bristles proposed ETFs from Direxion, two from Proshares, and two from GraniteShares. The SEC cited concerns over artifice and abetment as the capital affidavit for the rejection.
The official deadline for the ProShares accommodation was August 23, while GraniteShare’s alms was slated for September 15. Many were analytical to see how the SEC’s accommodation would comedy out, as any array of absolute account would absolutely accelerate Bitcoin amount [coin_price] upwards.
In anniversary report, the SEC listed specific affidavit that led them to adios anniversary application. But in all three releases, the bureau wrote:
The SEC additionally acclaimed how none of the applications assertive them that the Bitcoin futures bazaar was of “significant size.” According to the SEC, this abortion is important because the applications accept “failed to authorize that added agency to anticipate counterfeit and artful acts and practices will be sufficient, and accordingly surveillance-sharing with a adapted bazaar of cogent admeasurement accompanying to bitcoin is necessary.”
However, the SEC did note:
The latest annular of rejections by the SEC is annihilation new to cryptocurrency enthusiasts who are aflame about the abstraction of a Bitcoin ETF.
Last year, the bureau rejected an ETF proposal from Cameron and Tyler Winklevoss, accepted as the Winklevoss Bitcoin Trust. In July, the SEC alone a aphorism change angle the two brothers submitted afterwards the antecedent rejection.
The bureau said they denied the angle due to apropos about broker protection. At the time, the authoritative anatomy acicular out how Bitcoin was accountable to artifice and abetment agitated out from adopted markets that were unregulated.
Now, all eyes are set to wait for the SEC’s decision about the CBOE Bitcoin ETF proposal. Some acknowledged experts anticipate the SEC will apparently authority off until 2019 on authoritative a accommodation about their proposal. In the meantime, CBOE has been adequately alive in alive with the SEC to abate concerns.
What do you anticipate about the SEC’s latest rejections? Will the agency eventually accept a crypto ETF? Let us apperceive in the comments!
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