The US Securities and Exchange Commission is requesting further information on the 9 possible exchange-traded Bitcoin funds (ETFs). All of these funds were initially rejected. Now the authority is reviewing its own decision once again.
Back and forth at the Securities and Exchange Commission
The authorities initially rejected all applications submitted by ProShares, GraniteShares and Direxion and the market provider Arca or Cboe. It had justified its decision with alleged problems for the derivatives market with Bitcoin and the spot market for the cryptocurrency, as this would represent special risks for speculation.
Just one day after all 9 applications were rejected, the top management of the agency decided to review this decision.
For the purpose of re-examination, the Securities and Exchange Commission published the applications on Thursday. It is also requesting further information on all 9 projects. Until 26 October, this information can be passed on to the authority.
“It is also ordered that the rejection of applications will remain intact until the committee’s review”, wrote Deputy Secretary Eduardo Aleman.
In addition, the Securities and Exchange Commission is reviewing another Bitcoin ETF submitted by crypto-startup SolidX and money management firm VanEck. The decision for this ETF could already be made in December.