SEC Rejects 9 Bitcoin ETF Proposals
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.