Fate Of 9 Bitcoin ETFs To Be Decided By SEC Today
Nine Bitcoin ETF applications that were declined by SEC will now once again be taken for consideration today. Crypto community and analysts presumed that the last date for SEC’s review had been set for October 26, 2018. But that was false.
In August 2018, the SEC (Securities and Exchange Commission) allocated ETF reconsideration job to its officials and the staff working on behalf of the SEC rejected the ETF applications. However, that wasn’t a final choice and Commission still possessed the ability to assess the final decision.
Notably, the official SEC declaration, published on Aug 22 states,
“In accordance with Rule 43 1 (e), the August 22 order is stayed until the Commission orders otherwise. The Office of the Secretary will notify you of any pertinent action taken by the Commission.”
The actual 9 Bitcoin ETFs applications include 5 from Direxion, 2 from GraniteShares as well as 2 from ProShares. The SEC notes as follow;
“Accordingly, IT IS ORDERED, pursuant to Commission Rule of Practice 431, that by November 5, 2018, any party or other person may file a statement in support of, or in opposition to, the action made pursuant to delegated authority.”
Still, the above mentioned official announcement indicates that the final decision could be made any time after November 05, 2018. Following the SEC’s statement, any grieved party can put on record their remarks about the ETFs and SEC would pass on the information to the crypto news websites.
Such a scenario may impact the traded price of Bitcoin and other cryptocurrencies.