Yesterday. the U.S. Securities and Exchange Commission (SEC) rejected two more bitcoin ETF applications and continued its stance of hostility toward the much-anticipated crypto investment product.
The ETF proposals, filed by NYSE Arca, sought-after to list bitcoin ETFs from fund suppliers ProShares and Direxion. These explicit ETFs wouldn’t have control over the physical bitcoins however rather than this they had listed within the bitcoin futures product in a Chicago-based derivatives exchanges CBOE and CME.
The denials didn’t come back as a surprise, as most expert analysts, financial advisers and the authority officers believes that no ETF application is likely to be accepted before the next year.
A month ago, when the SEC rejected the Winklevoss Brothers Bitcoin ETF Application, this didn’t created a panic selling situation within the crypto ecosystem as this is quite acceptable by the community now that this Approval will take time to be accepted by the SEC. However, the disapprovals by the SEC has always lead to some price drops but the crypto market manages to sustain this with a steady stability.
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