It’s been a long wait for the nine Bitcoin exchange-traded
It’s been a long wait for the nine Bitcoin exchange-traded funds (ETFs) which have been patiently awaiting to hear from the U.S. Securities and Exchange Commission about their fate. After delaying it multiple times, the SEC has finally given them a concrete timeline for reviewing a series of applications regarding possible rule changes in listing and trading. It is to be done by the 26th of October.
The SEC filed documents on the 4th of October which clearly affect nine separate ETFs proposed by three different applicants. These ETFs include a pair of BTC ETFs submitted by ProShares in collaboration with New York Stock Exchange (NYSE) Arca. Apart from that, there are two proposals from GraniteShares for listing on CBOE and five more from Direxion for NYSE Arca.
According to the regulators, pending the Commission’s review, all prior orders which turn down proposed rule changes shall be applicable. The SEC has also requested “any party or other person” to file a statement, either in favor of or rejecting the proposed BTC ETFs by Oct. 26.
With regard to GraniteShares’s proposed models of operation, the SEC has released a separate notice that contains amendments to certain changes that had been put forward in their prorposal.
The SEC has been going back and forth on their word for a long time now and been generally ambivalent. After disapproving the nine ETF proposals back in August, the very next day they decided to review their judgment and give it another consideration. The reason for turning these proposals down was that the regulator realized that the products were not in compliance with the requirements underlined by the
“Exchange Act Section 6(b)(5), in particular the requirement that a national securities exchange’s rules be designed to prevent fraudulent and manipulative acts and practices.”