Ultimate magazine theme for WordPress.

SEC Allows for Public Comments on Nine Bitcoin ETF Proposals


The US Securities and Exchange Commission (SEC) is inviting comments either in support of or opposition to 9 previously rejected applications for the creation and listing of Bitcoin (BTC)-related exchange-traded funds (ETFs).

In August, the financial watchdog rejected the listing of 9 crypto products proposed by ProShares, Direxion Asset Management, and GraniteShares and meant to be traded on the New York Stock Exchange (NYSE) and the Chicago Board of Options Exchange (CBOE). The SEC stated at the time that the futures market of Bitcoin is not of sufficient size to handle large demand from investors in the traditional finance market. Just a day after the ruling, the agency announced that it would review its decision.

The regulators are now reviewing proposed rule changes that would allow the 9 ETF proposals to move forward. The SEC filed 3 separate amendments late on Thursday inviting comments either in favor or against the crypto products. According to the documents, interested parties have until October 26 to submit their statements. It is also noted in all amendments that until the further review is complete, the official disapproval still stands.

- Advertisement -

Two of the ETF proposals in question were submitted in September 2017 by ProShares and two by GraniteShares in December 2017. The remaining 5 applications were filed by Direxion in January 2018. If given the green light, the ProShares and Direxion funds would be listed on the NYSE Arca platform, while GraniteShares ETFs would be traded on CBOE’s Bats BZX Exchange.

The SEC is also separately considering a Bitcoin ETF proposed by crypto startup SolidX and money management firm VanEck. Last month, the agency similarly requested further comments regarding the fund.

With just 3 months left in 2018, market observers are pointing to 2019 as the earliest a crypto ETF will come to life in the US. Many doubt the products will get the regulator’s go-ahead, and some insist it will take a physically-backed fund to garner an approval.

The road to a green light has become clearer after last month the Trump administration made its fourth appointment to the SEC, choosing Elad Roisman, who is known for his pro-crypto comments.

1 Comment
  1. 인터넷바카라사이트 says

    F*ckin’ remarkable issues here. I am very happy to peer your post.

    Thank you so much and i am taking a look ahead to contact you.
    Will you please drop me a e-mail?

Leave A Reply

The team of DiaryCoin would like to keep you updated with the lastest crypto-news

Would you like to?