also contending that possible benefits should be held against other considerations. Securities and Exchange Commission (SEC) on Wednesday rejected applications for nine bitcoin-based exchange-traded funds (ETF) from three separate companies. "If that's what the SEC is saying, that's not going to change any time soon Johnson said. The SECs reasoning for rejecting the latest round of proposed Bitcoin ETFs is similar to what it used when it shot down a proposed rule change in July submitted by Tyler and Cameron Winklevoss which would allow its bats BZX Exchange to list and trade. The commission said in its decision that its rules are designed to prevent fraudulent and manipulative acts and practices, and the small size of Bitcoin futures market makes it more difficult to prevent fraud. In three orders published on August 22, the rejections came ahead of previously reported deadlines arising from the SECs public-facing approval process. Additionally, the President and COO of CFE, recently acknowledged in a letter to the Commission staff that the current bitcoin futures trading volumes on Cboe Futures Exchange and CME may not currently be sufficient to support ETPs seeking 100 percent long or short exposure. Bitcoin investors were dealt a one-two punch across two different continents over the past week: After the Chinese government announced that it will now ban internet access to more than 100 overseas crypto exchanges in its country, the.S. Some market observers thought a futures-based ETF would have had a better chance of approval since they trade on regulated markets, but the SEC said in a statement that issuers did not convince the agency that the markets were large enough to withstand manipulation and. The Commission acknowledges that, compared to trading in unregulated bitcoin spot markets, trading a bitcoin-based ETP on a national securities exchange may provide some additional protection to investors, but the Commission must consider this potential benefit in the broader context of whether the proposal meets. (Reporting by Nikhil Subba in Bengaluru). The bitcoin world was dealt a big blow when regulators rejected nine exchange-traded funds tied to bitcoin futures on Wednesday.
The Securities and Exchange Commission (SEC ) has issued rejections to bitcoin exchange -traded fund (ETFs ) proposals from ProShares. In three orders published on August 22, the rejections came ahead of previously reported deadlines arising from the SECs public-facing approval process. Securities and Exchange Commission (SEC ) on Wednesday rejected applications for nine bitcoin -based exchange -traded funds (ETF) from three separate companies. ETF provider Direxion proposed to list and trade five bitcoin ETFs, while GraniteShares and ProShare presented two each. SEC Rejects Nine Proposed Bitcoin Exchange -Traded Funds.
Brian Kelly, a cryptocurrency analyst for. While the regulator noted at the time that its ruling does not rest on an evaluation of whether bitcoin, or blockchain technology more generally, has utility or value as an innovation or an investment, it rejected the Winklevoss twins assertion that the Bitcoin markets are. Pierce one of four commissioners at the SEC appears to be the only person on the board to currently support a Bitcoin ETF, having also been the lone dissenter in the ruling on the Winklevoss ETF as well. "I was a bit surprised that the SEC bundled them all together instead of waiting until September to give the same response to Direxion and GraniteShares Hyland said, referring to the regulator's rejection of the nine funds. Find the full rejection orders below: GraniteShares ETF Rejection by, coinDesk on Scribd, direxion Bitcoin ETF Rejection by, coinDesk on Scribd, proShares Bitcoin ETF Rejection by, coinDesk on Scribd, the SEC image via Shutterstock). But this might be an impossible feat to overcome since much of the volumes in the crypto markets are in overseas markets in Asia.