The much-anticipated launch of a Bitcoin exchange-traded fund (ETF) has a new deadline for approval from the US Securities and Exchange Commission (SEC): 26 October.
9 ETFs still in the works
In the time leading up to 26 October, the SEC says it is reviewing proposed changes to the rules that would reflect on nine separate ETF proposals from three different applicants. These applicants constitute ProShares in conjunction with the New York Stock Exchange with their two proposed ETF exchanges NYSE Arc, five ETF proposals from Direxion and two from GraniteShares.
The SEC called for ”any party or other person” to file a written statement either supporting or condemning the ETFs in the allotted time before the deadline.
As Bitcoin News reported last month, 1,400 written submissions were filled in the case of the VanEck SolidX Bitcoin ETF, with a notable majority in favor of launching the trading fund, although it would seem this was not largely taken into consideration by the SEC as it delayed making any decision on the case. The director of VanEck, Gabor Gurbacs, clearly thought the decision should have gone another way, saying, ” The public has spoken! Bitcoin is compatible with the US and global capital markets.”
How did we get here?
In late August, the SEC chose to reject the nine ETFs in question, only to decide to review the cases the following day.
The regulatory body said that as they stood, each proposal failed to comply with the Exchange Act Section 6(b)(5) that requires ”a national securities exchange’s rules be designed to prevent fraudulent and manipulative acts and practices”.
It noted that without any central body regulating the cryptocurrency space, the market is particularly susceptible to pump and dump schemes, being unable to adequately protect traders.
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