News : ETF Rejected Again : SEC [Predictably] Denies 9 Bitcoin ETF Proposals

Hi Steemians,

This is a very bad news for Crypto lovers, i don't understand why people are getting panic due ETF rejection as Crypto market is running successfully from last 8 years without any ETF. Its a belief in your self about Crypto if you have the same then you will definitely get success.

The hopes of Bitcoin bulls in the dust once again as the Securities and Exchange Commission (SEC) disapproved nine more Bitcoin ETF applications.

The US regulator rejected two ETFs by ProShares that would track Bitcoin future contracts, five inversed and leveraged ETFs from Direxion, and another one from GraniteShares. It continued to hold its stance against the potential fraud and manipulation of Bitcoin markets, citing that the applicants had not met SEC’s requirement of designing rules to prevent these malpractices.

The SEC judgment further mentioned that they had not received any evidence that could prove the significant size of the Bitcoin futures market, as was quoted in the ETF applications. It is as below:

“Surveillance-sharing with a regulated market of significant size related to bitcoin is necessary to satisfy the statutory requirement that the Exchange’s rules be designed to prevent fraudulent and manipulative acts and practices.”

Ref : https://www.ccn.com/rejected-again-sec-predictably-denies-9-bitcoin-etf-proposals/

Cheers