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9 Bitcoin ETF Proposals Rejected by SEC
The latest bitcoin ETF rejections from the SEC include two ProShares ETFs, five leveraged and inverse Direxion ETFs and two GraniteShares ETFs.
The US Securities and Exchange Commission (SEC) has rejected all of the proposed bitcoin exchange-traded funds (ETFs) submitted by ProShares, Direxion and GraniteShares, it was revealed on Wednesday (August 22).
According to three separate orders issued Wednesday, the SEC noted in all of them the risks associated with unregulated markets–like bitcoin.
The rejected ETFs include two ProShare ETFs, five leveraged and inverse Direxion ETFs and two GraniteShares ETFs.
In its rejections to all three institutions, the SEC said its reasons were that the proposals didn’t meet the requirement that “a national securities exchange’s rules be designed to prevent fraudulent and manipulative acts and practices.”
“Among other things, the Exchange has offered no record evidence to demonstrate that bitcoin futures markets are “markets of significant size,”” the SEC said in the orders.
The SEC further said in its rejection that while it is not proceeding with ProShares’ application, it reiterates that the disapproval is not based on whether or not bitcoin or blockchain “has value as an innovation or an investment.
“[T]he Commission is disapproving this proposed rule change because … 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)” the SEC explained.
By Thursday (August 23), however, the SEC said it will re-examine the orders. SEC Commissioner Hester Pierce explained in a tweet the agency will review the staff’s action.
In English: the Commission (Chairman and Commissioners) delegates some tasks to its staff. When the staff acts in such cases, it acts on behalf of the Commission. The Commission may review the staff’s action, as will now happen here.
— Hester Peirce (@HesterPeirce) August 23, 2018
While the SEC’s decision is no doubt a blow to bitcoin and crypto enthusiasts hopeful for a bitcoin ETF, the bitcoin price over a 24-hour period increased 2.57 percent to US$6,546.50 as of 6:22 p.m. EST on Thursday. It’s been a tough several months for the digital currency favorite, having dipped to a 2018 low in June to US$5,826.4.
Throughout July and August, bitcoin has remained relatively volatile, reaching a two-month high on July 25 at US$8,292.35. Since then, the digital currency has decreased in value by 21 percent.
Don’t forget to follow us @INN_Technology for real-time news updates!
Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.
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