SEC Rejects 9 Bitcoin ETF Proposals

in usa •  3 months ago

  • On the basis of perceived inadequate “resistance [framework] to price manipulation”, in an insufficiently sized Bitcoin derivatives market, the SEC has rejected a total of nine application to list and trade various Bitcoin ETFs from three different applicants (ProShares, Direxion and GraniteShares).

  • The overriding concern of the SEC lay in its evaluation that the exchanges on which the ETFs had been proposed for listing – the NYSE Arca and the CBOE – had not met “the requirement that a national securities exchange's rules be designed to prevent fraudulent and manipulative acts and practices”.

What do you think?

Source: https://cointelegraph.com/news/sec-rejects-9-bitcoin-etf-applications-from-proshares-direxion-and-graniteshares
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Market seem to over respond to the ETF news, in my opinion...
Eventually ETF proposals are going to get approved, it's just a matter of time.

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I couldn’t agree more and overall it will prevent big financial whales from shorting BTC.

Oh gosh, thanks for this update! What will happen to #BTC and #cryptocurrencies now? This is sad. But crypto life still rocks.