Resurrection? SEC to Begin Reviewing 9 Rejected Bitcoin ETFs

U.S. SEC reveals progress made on Bitcoin ETF proposal sets deadline for comments 24604

The reason that GraniteShares chose this route instead of bitcoin as it had four major benefits in regards to risk and operation of the funds, namely protection against market manipulation, Good Trading and Liquidity, ready and hassle-free valuation and available custody.

"One of the biggest issues holding back the price of cryptocurrencies is the SEC, which has rejected 15 different Bitcoin ETF proposals".

The GraniteShares Bitcoin ETF is an ETF that does not invest directly in bitcoins but in bitcoin futures, which are now traded on the CBOE Futures Exchange and the Chicago Mercantile Exchange (CME).

As updated on 21:16 UTC on 4th October, the commission has further proposed amendments regarding the Direxion Daily shares of Bitcoin and ProShares Short Bitcoin ETF as well as ProShare Bitcoin ETF.

This will affect two Granite Bitcoin ETFs, including the GraniteShares Short Bitcoin ETF and the GraniteShaes Bitcoin ETF.

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On January 5, 2018, Cboe BZX Exchange, Inc. At the end of this period, the commission will begin a formal review. As the street still expects Q1 2019 to give us the first BTC ETF, any positive surprise from SEC will just cheer the market.

The SEC has reportedly issued a 26 October deadline for the review of 9 Bitcoin ETF applications and, while there are hopes of a reversal to rejections, the reality remains that both fraudulent and price manipulative actions persist that could leave the SEC with little choice but to reject the applications pending the introduction of an appropriate regulatory framework that addresses both of the SEC's key concerns. The notice detailed the amendment that was made on the proposal and to invite public comments on the proposed rule change.

Failure to move through to $6,500 levels could see Bitcoin slide back through to $6,500 levels to bring the first major support level at $6,517.27 into play, with sub-$6,500 levels in play should the general market view be that the SEC will likely decline the BTF applications now being reviewed.

The agency has requested additional information from "any party or other person" who wishes to submit statements in support of or opposition to the ETFs.

The regulator had disapproved all the ETFs on the grounds that the products did not meet compliance requirements as stipulated in the Exchange Act Section 6 (b)(5). Do let us know your views on the same.

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