SEC’s Decision On Bitcoin ETF

SEC’s Decision On Bitcoin ETF

The Securities and Exchange Commission (SEC) of the United States (US) has revealed three releases (34-83904, 34-83912 and 34-83913) on Wednesday, August 22nd, 2019 rejecting the GraniteShares, ProShares and Direxion proposal to checklist a Bitcoin Exchange-Traded Fund (ETF).

The rule change requests have been submitted on December 2019 and January 2019 by NYSE Arca (NYSE) and Cboe BZX Exchange (Cboe), which resulted in 9 ETF proposals being rejected. These selections have been scheduled for August 23rd, 2019, however the SEC revealed them sooner or later upfront.

Bitcoin market response

On August 23rd, 2019, the market was ready for the SEC’s resolution, the place it might be noticed how the value of Bitcoin had risen by at the least $400 because of the favorable expectations and feedback made by SEC authorities beforehand. In brief, the Bitcoin market has not reacted so badly as a result of within the final three days at the least it has risen in worth by at the least $100.

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