US SEC to assess latest Bitcoin ETF decision

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August 24, 2018 by
US SEC to assess latest Bitcoin ETF decision

As a relief to the Bitcoin area United States Securities and Exchange Commision [SEC] has actually stated that it will review the denial orders of 9 Bitcoin ETF propositions that were introduced on Wednesday. The SEC refuted the authorization of nine Bitcoin ETFs submitted by 3 companies including two from Proshares, 5 from Direxion as well as one more 2 from GraniteShares.

According to the letter written by Brent Fields of SEC to the NYSE group, “This letter is to notify you that, according to Guideline 43 1 of the Commission’s Guidelines of Method, 17 CFR 201.431, the Compensation will certainly review the delegated action. In accordance with Guideline 43 1 (e), the August 22 order is remained till the Commission orders or else.” He likewise added that “The Office of the Assistant will inform any kind of relevant action taken by the Commission.”

Hester Peirce, an SEC Commissioner, tweeted concerning the action taken by the SEC. She stated that the proposal was refused by the SEC team and the staff does so in support of the Compensation. She included that the Commision might assess the team’s activities.
Hester Peirce had publicly revealed her disagreement concerning the SEC order which delayed Winklevoss Bitcoin ETFs. “From my point of view, we should be mindful of what our role is, and also it’s not to be the ones who choose which innovations as well as which innovations make it through and also which ones do not,” she said, inning accordance with a Coindesk record.

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The SEC has already rejected 15 different propositions currently. Wednesday’s statement added nine more to the list. A recent blog post by Weiss ratings claimed that the SEC decision on Bitcoin ETFs is avoiding the cryptocurrency rates from displaying a favorable fad. “Among the most significant issues keeping back the price of cryptocurrencies is the SEC, which has declined 15 different Bitcoin ETF propositions. However, every declined ETF brings us one step closer to ultimately obtaining authorization. The SEC isn’t denying Bitcoin ETFs because they dislike Bitcoin; the SEC is declining a Bitcoin ETF since all the previous ETFs cannot satisfy certain rules as well as requirements,” checked out the blog.

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