The USSEC will regard its solution to reject 9 applications for the transfer sale of various BTU ETF, as it became known from the Reuters on August 23.
On Wednesday, the SEC rejected a total of nine requests from 3 companies to bring ETFs on BTC to the market, saying the products did not meet the demands of Section 6 (b) (5) of the Exchange Act, particularly the demand that the rules the NSE were developed to avert rascally and manipulative actions and praxis. Shortly thereafter, the SEC issued a letter stating its intention to review the decision, granting authority to take action on applications. However, the letters do not specify the deadline for the decision and what will entail consideration.
ETFs are commodity securities that track the index, commodity, or basket of assets that are proportionally represented in units of the fund. ETFs experience price changes during the day, as they are purchased or sold on the stock exchange.
Last month, the SEC rejected an appeal to the BTC ETF from Winklevoss BTC BZX Exchange, Inc. The 1st statement was rejected by the SEC in March 2017 because of the “largely unregulated nature of the BTC markets.”
The next day, Commissioner of the US Securities Commission Hester M. Pierce published a statement of official dissent about the agency’s refusal to appeal the Winklevoss fund. Pierce argued that the SEC was fundamentally wrong with its last decision and that the agency went beyond its “limited role” when it focused on the characteristics of the underlying BTC market rather than the deprecation. She suggested that an order of disapproval would most likely “crush” the institutionalization of the BTC market