SEC Asks for Additional Comment on Rejected Bitcoin ETFs
The U.S. Securities and Exchange Commission (SEC) is asking for further comment on nine different bitcoin exchange-traded fund rule change proposals that are currently under review after initially being rejected.
The SEC had previously rejected the proposals — pursued by ProShares, GraniteShares and Direxion along with market providers NYSE Arca or Cboe — while highlighting issues with the underlying bitcoin futures markets and the risk that the actual spot bitcoin market is at risk of manipulation.
A day after the nine rejections, the agency said that its leadership would review those decisions.
“It is further ordered that the order disapproving [the proposed rule changes] shall remain in effect pending the Commission’s review,” wrote assistant secretary Eduardo Aleman.
The SEC is also separately considering a bitcoin ETF proposed by crypto startup SolidX and money management firm VanEck. A decision on that proposal could come as early as December.
SEC logo image via Mark Van Scyoc / Shutterstock
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