Thursday, 13 December, 2018

SEC files amendments on multiple BTC ETFs, giving an October 26 deadline

ETF Delay continues at SEC as October 26 emerges as a new deadline to file comments ETF Delay continues at SEC as October 26 emerges as a new deadline to file comments
Jean Garcia | 08 October, 2018, 10:55

The applications for listing exchange-traded funds under review will be those by ProShares, GraniteShares, and Direxion. The notice detailed the amendment that was made on the proposal and to invite public comments on the proposed rule change.

The decision to reject the ETFs drew the ire of one of the commissioners, Hester Peirce, who criticized the Commission, saying that it had exceeded its mandate. Market manipulation, lack of proper regulations and investor protection were the main reasons why the SEC rejected Bitcoin ETF proposals. At the end of this period, the commission will begin a formal review.

After denial, the US SEC then halted that decision while under review.

As part of this process, the agency has amended the NYSE Arca and CBOE applications to include information in the funds that will subsequently be submitted by the exchange operators to the agency.

Mbappe scores 4 and earns penalty as PSG crush Lyon
The referee initially gave a yellow card but changed it to red after a VAR review. "We wanted to win, we wanted this record at all costs".

Accordingly, the SEC has set a new deadline, October 26, for the public to file statements in support of, or in opposition to, the amended applications, after which it will begin the formal review process.

There's been plenty of conjecture of late on whether Bitcoin has bottomed out and, while the recent ranges suggest that worst may have passed, uncertainty persists and, until the market can move on from the SEC and its pending decisions on Bitcoin ETF applications and a more structured regulatory frame work for the broader market by jurisdiction, any breakout from current levels will likely continue to face plenty of resistance. On August 22, 2018, the Division of Trading and Markets ("Division"), acting by delegated authority, issued an order disapproving the proposed rule change. The justification stated that the products did not meet the requirement of Exchange Act Section 6 (b) (5), with particular reference to the requirement that "the rules of a national stock exchange should prevent fraudulent and manipulative acts and practices".

Weiss Ratings believes that Bitcoin ETF acceptance by the SEC is coming close. It may very well mean the SEC could soon approve a Bitcoin ETF, which could fuel quite a rally. These amendments-allowing for further comment on previously rejected ETFs were announced this week.

The agency is expected to make a ruling on the fund by at least December, though that could easily be pushed to a later date in 2019.

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