BTC/USD
 
ETH/USD
 
XRP/USD
 
BCH/USD
 
EOS/USD
 

U.S. SEC Files Amendments Related to Bitcoin ETFs

· 06 Oct 2018 in Cryptocurrency News
Carlos is an international relations' analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

The U.S. Securities and Exchange Commission (SEC) has filed amendments related to Bitcoin exchange-traded funds (ETFs). These amendments—allowing for further comment on previously rejected ETFs were announced this week. As well, the SEC announced an October 26th deadline for review of proposed ETFs.

SEC Continues Analysing Bitcoin ETFs

The amendments filed by the SEC are related to a rule change to list and trade shares of the GraniteShares Bitcoin ETF and the GraniteShares Short Bitcoin ETF. In another document, the regulatory agency disapproved the proposed rule change related to these two ETFs.

At the same time, the SEC allows interested parties to give their comments about the GraniteShares ETFs.

On the matter, the SEC wrote:

“Accordingly, IT IS ORDERED, pursuant to Commission Rule of Practice 431, that by October 26, 2018, any party or other person may file a statement in support of, or in opposition to, the action made pursuant to delegated authority.”

The CBOE BZX Exchange filed the GraniteShares bitcoin ETF proposal on January 2018. However, the SEC has delayed the initial decision. Later in August, the agency issued an order in which it disapproved the ETFs. After October 26, the SEC is expected to give a final decision on the matter.

Additionally, the SEC has released another amendment related to the Direxion Daily Bitcoin Shares, the ProShares Bitcoin ETF and the ProShares Short Bitcoin ETF.

The SEC is working in order to be sure that there is no manipulation in the cryptocurrency market. This is one of the main concerns that the agency has. During the last years, the cryptocurrency market has experienced several irregular activities. For example, according to Bloomberg, Tether (USDT) has been used to manipulate Bitcoin’s price during bear markets.

In the near future, the Intercontinental Exchange (ICE) could launch its institutional-grade platform known as Bakkt. This platform would allow institutions and wealthy investors to gain exposure to the cryptocurrency market. ICE wants to increase the level of professionalism in the crypto market. That would certainly be positive for cryptocurrencies and the industry since the SEC could change its decision towards Bitcoin ETFs.

 

Carlos is an international relations’ analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

The Bear Market Report
Our Bear Market guide not only helps you survive this crypto winter, but also guides you through the foundation you'll need to thrive in the next bull run.