9 Bitcoin ETFs that were rejected by SEC will now again be reviewed by November 05. However, many assumed that the SEC deadline was set for October 26, 2018, but that was not the case.
What causes Rejection?
During August 2018, SEC delegated ETF reviewing task to its delegates and the staff acting on behalf of commission concluded ETF assigned task with rejections. But this wasn’t a final decision, Commission still retained the power to review the delegated decision.
To note, here is the official statement SEC, released on August 22. It states,
In accordance with Rule 43 1 (e), the August 22 order is stayed until the Commission orders otherwise. The Office of the Secretary will notify you of any pertinent action taken by the Commission
The 9 Bitcoin ETFs proposals include 5 from Direxion, 2 from GraniteShares and 2 from ProShares. The official notes follow;
Accordingly, IT IS ORDERED, pursuant to Commission Rule of Practice 431, that by November 5, 2018, any party or other person may file a statement in support of, or in opposition to, the action made pursuant to delegated authority.
However, the above official statement points that the decision could come any time after November 05, 2018. Following the statement, any concerned party can file comments regarding the ETFs and would inform the new portals about its decision.
This may affect the total volume of cryptocurrency including the daily prices of Bitcoin and other cryptocurrencies. To note, whenever Bitcoin ETFs or Futures announcement rolls out in a market, Bitcoin prices are likely to effect. Hence, crypto traders here are advised to have a sound decision until SEC’s decision comes to picture.
So, what’s your stake on it? Will SEC approve the proposal of all 9 ETFs or will it be pending for the future date? Let’s discuss
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Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum[at]coingape.com