SEC Disapproves Bitcoin ETF Proposals Again

SEC Disapproves Bitcoin ETF Proposals Again

Around a month ago the U.S. SEC spurned the proposal of early bitcoin investors, brothers Winklevoss, to establish a BTC exchange-traded fund (ETF).

At the end of August, several other ETF proposals met the same fate – the SEC mercilessly disapproved the establishment two ETFs by ProShares, five from Direxion and one more from GraniteShares.

As of writing, bitcoin is being traded at the rate of $6,448.

Scam Risks – The Main Reason for Rebuffs

The ETFs which saw the red light from the SEC this time have some peculiar features. The one, filed by ProShares, could trace BTC futures, whereas those from Direxion are reciprocal and leveraged. However, none of them has seen the endorsement from the U.S. assets and trading venues watchdog, CNBC reports.

Just as it happened to the Winklevoss ETF, the SEC explained that the reason for the denial was the scam and speculations on the market of BTC.

As per the SEC, NYSE Arca, which filed the ProShares proposal, had not foreseen measures for averting scam and other manipulative moves. Furthermore, the independent agency stated that this particular applicant did not present any evidence, showing that the BTC futures niche is of considerable size.

Bitcoin Has Nothing to Do With ETFs’ Rejection – SEC

Despite the above mentioned, the SEC highlighted that the repudiation did not depend on the assessment of BTC and DLT as piling or innovation.

Any Other ETFs?

As the SEC does not hurry to endorse an ETF, based on cyber assets, there are other interesting applications waiting for the agency’s answer.

For instance, earlier it delayed the endorsement or rebuff of the VanEck ETF until the end of fall’s first month. Another application, filed last month by Bitwise, is also anticipating the review. The latter, by the way, would trace a number of cryptos, but now everything depends on the SEC’s decision.

In the meantime, bitcoin’s price is fluctuating in the frames of $6,400-$6,700 margins and is showing no positive features like growing. However, there are no downward trends either.

Keep Up With October Crypto Events Checking Out This Quick Roundup
Top Crypto Market News Of October You Should Catch Up WithDo you think the world is turning more crypto-crazed day by day? There’s no limit to your...
A Collection Of Fresh Crypto News For Those Who Missed Out
The Major Roundup On The Latest Crypto News In The World The last month has been full of events and brought even more pressure on local...
What To Expect From A Cryptocurrency Market In 2020
Crypto market has always been a good target for speculation, shady schemes, and "bad guys". It's also very controversial, especially for financial...
Influence of Recent Cryptocurrency Boom: Does It Still Hurt?
Crypto Exchange Agrees With Reports Showing 51% Attack On Ethereum Classic Bitcoin is a decentralized digital currency (also known as...
Cryptocurrency Exchange Security Levels
The growing interest in cryptocurrencies has led to the emergence of a wide selection of both digital money and the sites where you can exchange one...
Belarusbank Considers Setting Up Crypto Exchange
Last year March Belarus introduced a decree by which it legalized cryptos and some activities related to them. This made Belarus a frontrunner in the...
Nasdaq CEO Believes Cryptos Have Place in Future in Economy
Almost two months ago Nasdaq’s representative Joseph Christinat confirmed the rumours that in 2019 the American stock exchange might launch BTC...
Report: Leaders of South Korean Crypto Exchange Komid Face Jail After Fraud
This week the Asian crypto-market has been rich in the news. Earlier it was reported that Japan finally approved Coincheck’s official status as cyber...
Crypto-Expert Brian Kelly Says 2019 Will Bring No Approval to BTC ETF
For the past year, various ETF-projects have been failing to receive the green light from American regulators. And despite the bullish ambitions of...
Ethereum Classic 51% Attacker Reportedly Returned $100,000 to Exchange
Cyber money exchange has informed the general public about the return of previously stolen $100,000 worth Ethereum Classic units. According...