The expectations of Bitcoin bulls ate dust indeed as the Securities and Trade Commission (SEC) opposed nine more Bitcoin ETF applications.
The US controller rejected two ETFs by ProShares that would track Bitcoin future contracts, five inversed and utilized ETFs from Direxion, and another from GraniteShares. It kept on holding its position against the potential extortion and control of Bitcoin markets, refering to that the candidates had not met SEC’s necessity of outlining tenets to keep these acts of neglect.
The SEC judgment additionally said that they had not gotten any proof that could demonstrate the critical size of the Bitcoin fates showcase, as was cited in the ETF applications. It read:
“Surveillance-sharing with a regulated market of significant size related to bitcoin is necessary to satisfy the statutory requirement that the Exchange’s rules be designed to prevent fraudulent and manipulative acts and practices.”
The SEC additionally cleared that it didn’t assess the innovative and speculation capability of Bitcoin and blockchain innovation before taking its choice. The result exclusively refreshed on candidates’ inability to submit to singular areas of the Trade Demonstration.
The organization likewise referred to a statement from the letter it got from CBOE, the US trade offering Bitcoin fates exchanging. It read:
“Additionally, the President and COO of CFE, recently acknowledged in a letter to the Commission staff that ‘the current bitcoin futures trading volumes on Cboe Futures Exchange and CME may not currently be sufficient to support ETPs seeking 100 [percent] long or short exposure to bitcoin’.”