US SEC Announced Timeline for Reviewing 9 Bitcoin ETF Applications

The US Securities and Exchange Commission (SEC) has put forth a time line for studying the suggested rule changes intertwined with a flurry of applications to list, buy and sell several Bitcoin (BTC) exchange-traded funds (ETFs).

The time line suggested by the SEC impacts nine separate ETFs that have been put forth by three separate applicants, as per the records filed by the SEC on Oct. 4.

The latest announced changes will affect a pair of BTC ETFs that had been filed by ProShares in alliance with NYSE Arca, the ETF exchange under the New York Stock Exchange (NYSE). The other applications, which will be impacted are the five ETFs proposed by Direxion, also for NYSE Arca listing and two ETF schemes from GraniteShares, for listing on CBOE.

The SEC has requested “any party or other person” to register a statement in favor or against the proposed BTC ETFs on or before Oct. 26.

The regulator has stated that its previous directives that disapproved the suggested rule modifications for the proposals put forth by all three applicants’ will continue to remain in effect pending the Commission’s review.

Additionally, in a separate announcement, the SEC has stated that it has filed amendments to proposed rule changes and clarifications given GraniteShares regarding its operating mode.

In late August, the SEC decided to review its decision to reconsider the nine ETF proposals, a day after it rejected them. The regulator stated that it did not find the products comply with the requirements by the “Exchange Act Section 6(b)(5). Specifically, the SEC believes that the ETF proposal did not comply with the requirement that a national securities exchange’s rules be designed to prevent fraudulent and manipulative acts and practices.”