Bitcoin ETF fate to be decided by the SEC after November 5

The United States Securities and Exchanges Commission will report their position on the nine Bitcoin ETFs, which were already dismissed, after November 5, 2018. The commission has set the date as the due date for checking on the comments with respect to the ETF.

In the long stretch of August 2018, the SEC had discharged an announcement dismissing nine Bitcoin ETFs. This included Cboe BZX Exchange's GraniteShares Bitcoin ETF; Granite Shares Short Bitcoin ETF; NYSE Arca Inc.; Proshares Bitcoin ETF; Proshares Short Bitcoin ETF; NYSE Arca Inc.; Direxion Daily Bitcoin Bear 1X Shares; Direxion Daily Bitcoin 1.25X Bull Shares; Direxion Daily Bitcoin 1.5X Bull Shares; Direxion Daily Bitcoin 2X Bull Shares, and Direxion Daily Bitcoin 2X Bear Shares.

The fundamental concern called attention to by the Commission for the dismissal of the nine ETFs was the counteractive action of fraud and market control. The NYSE Arca Inc. Bitcoin ETF had gotten 13 comments, out of which the greater part of the comments was against the endorsement. The comments asserted the market to be manipulative and inclined to Ponzi plans, citing the case of BitConnect, Kraken, one of the main trade stage, and the pump and dump plans arranged on Telegram.

This was trailed by the SEC renouncing their announcement the following day, expressing that they will audit the "Division's activities in accordance with the designated specialist" and that the Division's activity compliant with appointed expert had naturally remained.

SEC had stated:

“On October 4, 2018, the Commission issued an Order Scheduling of Statements on Review, setting November 5, 2018 as the date by which any party or other person may file a statement in support of, or in opposition to, the action by the Division pursuant to delegated authority”

In the wake of the nine Bitcoin ETF choice, Reggie Brown, otherwise known as Godfather of ETF, said that he doesn't have trusts on the SEC supporting the Bitcoin ETF at any point in the near future. As per Business Insider, amid a discourse at Georgetown University's Financial Markets Quality Conference, he said that the Bitcoin ETF won't be affirmed "no time soon". He included:

“It’s very difficult for the Commission to wrap their heads around a positive approval because there’s no data yet… the markets just aren’t here.”

Posted using Partiko Android