the US Securities and Exchange Commission will shut out a batch of bitcoin ETFs

in #bitcoin6 years ago (edited)

The US Securities and Exchange Commission (SEC) has once again rejected a large number of Bitcoin ETF applications.
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On August 22, the SEC announced that it had rejected a total of nine Bitcoin ETF applications from ProShares, Direxion, and GraniteShares. After the news came out, Bitcoin quickly fell more than $200, and other digital currencies also fell sharply.

The main concern of the SEC remains the market manipulation and fraud of Bitcoin. It claims that ProShares' application failed to achieve “prevention of fraud and manipulation” and that the exchange did not provide direct evidence that the bitcoin futures market was “significantly significant”.

The committee rejected the proposal because, as mentioned earlier, the exchange failed to prove in accordance with the law that the relevant proposal complies with 6(b)(5) of the US Securities and Exchange Act, and in particular requires the national stock exchange to establish rules to avoid fraud. And market manipulation behavior
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Digital currency hits again: the US Securities and Exchange Commission will shut out a batch of bitcoin ETFs
2018-08-23 Category: Bitcoin Information Reading ( 2279)

Digital currency hits again: the US Securities and Exchange Commission will shut out a batch of bitcoin ETFs

The US Securities and Exchange Commission (SEC) has once again rejected a large number of Bitcoin ETF applications.

On August 22, the SEC announced that it had rejected a total of nine Bitcoin ETF applications from ProShares, Direxion, and GraniteShares. After the news came out, Bitcoin quickly fell more than $200, and other digital currencies also fell sharply.

The main concern of the SEC remains the market manipulation and fraud of Bitcoin. It claims that ProShares' application failed to achieve “prevention of fraud and manipulation” and that the exchange did not provide direct evidence that the bitcoin futures market was “significantly significant”.

The committee rejected the proposal because, as mentioned earlier, the exchange failed to prove in accordance with the law that the relevant proposal complies with 6(b)(5) of the US Securities and Exchange Act, and in particular requires the national stock exchange to establish rules to avoid fraud. And market manipulation behavior.

Digital currency hits again: the US Securities and Exchange Commission will shut out a batch of bitcoin ETFs

Digital currency hits again: the US Securities and Exchange Commission will shut out a batch of bitcoin ETFs

This is the same reason that previously rejected other Bitcoin ETF applications. At the end of July this year, the US Securities and Futures Commission rejected the Winklevoss brothers' Bitcoin ETF application after retrial, and the market 's expectations for more digital currency derivatives were once again lost.

At that time, the SEC mentioned that the trading volume of the Bitcoin futures market was small; and the sharp increase in prices in 2017 was caused by market manipulation.

Although the SEC has repeatedly rejected digital currency ETF product applications, there are still other exchanges submitting applications pending approval. Bitwise submitted an ETF application to track a basket of digital currencies in July this year , in addition to the ETF application submitted by the VanEck SolidX Bitcoin Trust. The SEC said that VanEck's ETF application will be delayed until September 30th.

What is special about VanEck's ETF application is that it is a rare ETF application based on actual digital currency transactions. A series of Bitcoin ETF applications rejected on Wednesday anchored Bitcoin futures.!

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