The US Securities and Exchange Commission has announced that the various pending applications for Bitcoin Exchange Traded Funds will be considered for review by October 26.
The agency release shows that this comprises nine ETF applications submitted by three entities. The October 4 statement said that these are the applications that the agency is going to be reviewing.
Two of the ETFs were submitted by ProShare under the auspices of the New York Stock Exchange ETF exchange NYSE Arca. Another two are from GraniteShares meant for listing at CBOE.
There are another five proposals submitted by Direxion also meant for listing at NYSE Arca.
The commission has also made it known to the public that it is open to suggestions and views. It said that any party that supports or rejects the ETF should make their views known by October 26.
The agency further said that despite putting the proposals under review that they remain unapproved and status quo ante maintained until the agency comes up with fresh decisions.
GraniteShare, the commission noted had put forward an amendment of its business model which would be taken into consideration in the new review.
The Securities and Exchange Commission had in August rejected some ETF applications leading to a sharp dip in the value of coins. The day after the announced rejection, the agency stated that it would be reviewing all ETFs in the light of new realities.
CT report obtained by CIW said that,
“The regulator had found that the products did not comply with the requirements by the Exchange Act Section 6(b)(5), in particular the requirement that a national securities exchange’s rules be designed to prevent fraudulent and manipulative acts and practices.”