US SEC Sets October 26 As Deadline for 9 Bitcoin ETF’s Review

BTC  USD | Bitfinex

BTC USD | Bitfinex

At the time, the SEC commissioners had highlighted a number of issues as grounds for denying the applications, with concerns that the Bitcoin spot market held a significant risk of manipulation. This was clearly stated in the letter filed by CEO of GraniteShares, William Rhind, to the SEC.

As updated on 21:16 UTC on 4th October, the commission has further proposed amendments regarding the Direxion Daily shares of Bitcoin and ProShares Short Bitcoin ETF as well as ProShare Bitcoin ETF.

They disapproved the previously proposed rule in another document related to the GraniteShares Bitcoin ETF and Short ETF of Bitcoin.

On the news front, news of the SEC requesting additional information on the recently rejected Bitcoin ETF applications contributed to the late rally on Friday, the request for information an indication that the SEC is in fact reconsidering its recent decisions, raising hope of an influx of institutional monies into the cryptomarket.

On January 5th, 2018, Cboe BZX Exchange first filed the proposal for GraniteShares Bitcoin ETF and the SEC were delaying their first decision about it. The Shares will be offered by the Trust, which was established as a DE statutory trust on November 7, 2016. The cases involve ETF applications from three separate entities seeking to list their ETFs on major trading platforms. At the end of this period, the commission will begin a formal review.

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On August 22, 2018, a decision was taken to reject the proposed rule change.

"...The Commission is disapproving this proposed rule change because, as discussed below, the Exchange has not met its burden under the Exchange Act and the Commission's Rules of Practice to demonstrate that its proposal is consistent with the requirements of the Exchange Act Section 6 (b)(5), in particular the requirement that a national securities exchange's rules be created to prevent fraudulent and manipulative acts and practices".

In new filings published Thursday, the SEC asked for public comment on all nine proposals, designating October 26 as the due date for any new comments that the general public wishes to make.

Now all eyes will be on October 26 when the exchange will announce the verdict for these ETF applications. Since the decision was extended on September 20, analysts expect the SEC to utilize all the extensions (maximum of 240 days).

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