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.”
I’ve been wondering what the ETF is all about. I think you explained it well. Maybe with the approval the market will see a boost again.
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Bookmarked. Please will the ETF have any effects on the price of Bitcoin and altcoins?
Obviously. Most institutional investors are waiting for any sort of legitimacy for Bitcoin to put in their money. I have no doubt that the industry will see more activity and demand with the approval which hopefully will happen in Q1 of 2019.
Institutions are afraid of any form of investment in crypto. Perhaps approval of ETFs will rest assure them that bitcoin is safe investment but the question is “Is it?”
There have been much ado about the ETF. What bitcoin needs is adoption from the masses. In reality, the coin could become the currency for the internet in the future if it gains widespread adoption.
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