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SEC rejects 9 Bitcoin ETF applications from ProShares, Direxion and GraniteShares

Based on 3 detached diretives issued by the SEC today, on the 22 of August, the United States rejected a total of 9 requests for transferring & selling different BTC ETF funds from 3 various declarants. Deviations occur 1 day ahead of the anticipated date, on 23 of August, foreseen for the BTC ETF pair, […]

By - August 25, 2018
U.S. Securities and Exchange Commission

Based on 3 detached diretives issued by the SEC today, on the 22 of August, the United States rejected a total of 9 requests for transferring & selling different BTC ETF funds from 3 various declarants.

Deviations occur 1 day ahead of the anticipated date, on 23 of August, foreseen for the BTC ETF pair, which was introduced by ProShares in common with the NYSE ETF exchange NYSE Arca.

The SEC has now rejected 7 more proffered ETFs along with a pair of ProShares – these are the 5 suggested ETFs from Direxion, as well as for listing on NYSE Arca & 2 proposals from GraniteShares for inclusion in the CBOE.

In the March 2018 registration request from the SEC, “[ProShares] funds don’t plan to enter contracts for BTC futures after the expiration date, but vice intend to close or” reverse “their respective positions.” This was concretely identified as a potential risk for the two ETFs in question – as well as to the “extreme volatility and low liquidity” ascribed to both the bitcoins market and the derivatives markets.

The SEC’s fresh disagreement reflects the concerns that the agency yet formulated in its initial refusal of the high-level BTC ETF request from the twins Winklevoss in March 2017.

In July of this year, the SEC refused Winklevoss’ request after abandoning the original request, in which the twins affirm that cryptographic markets are “uniquely resistant to manipulation.” In its refusal to petition, the agency established that “in the report before the Commission, there is no such derivation”.

In early August, the SEC postponed the solution on other bid for the BTC ETF, this time, filed by the investment firm VanEck & the financial services company SolidX for trading at the CBOE. It is noteworthy that in lieu of suggesting a fund based on BTC futures, the request proposed a model with physical support that will raise the next issue of detention.

BTC presently trades around $ 6,380, which is about 2.2 percent a day for the press.

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