In late August 2018, cryptocurrencies pulled back on the U.S. SEC’s denial of nine ETFs.
In fact, it rejected two ETFs by ProShares that would track Bitcoin future contracts. It denied five inversed and leveraged ETFs from Direxion. And it denied one from GraniteShares.
The news came as no surprise
The US SEC cited failure to prevent manipulation and fraud as a reason for denial. It also noted that failure to prove Bitcoin markets are “markets of significant size” as another reason.
This is similar to the reasoning behind denying the Winklevoss ETF, too.
Also, the SEC has not been offered any evidence to prove the size of the Bitcoin futures market.
The SEC Deadline for the VanEck / SolidX is September 30, 2018
However, the US SEC could delay its decision another 90 days out to December 29, 2018. If it doesn’t approve by then, it could push it out another 60 days to February 27, 2018. That’s according to a tweet by Jake Chevinsky, as noted by Crypto Globe.
While there are no guarantees, there are cryptocurrency supporters at the US SEC.
Remember, the likelihood of a Bitcoin ETF just got stronger.
All thanks to President Trump’s latest appointment of Republican Elad Roisman to the U.S. SEC. In fact, he may be the missing piece that could tilt the balance in favor of approval. “The SEC must examine and re-examine its rules, regulations, and guidelines to ensure that they are still working as intended to accomplish the SEC’s mission. This is most recently manifested in areas such as data protection and cybersecurity as well as the emergence of new investments and technologies such as initial coin offerings and blockchain.”
Commissioner Hester Peirce also supports it. Peirce is a well-known advocate of the ETFs, once saying she sees “no reason” why it should not happen.
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