The U.S. Securities and Exchange Commission – SEC has revealed a time-frame for reviewing projected rule changes associated with a series of applications to list and trade various Bitcoin [BTC] exchange-traded funds [ETF’s].
The review timeline affects 9 separate ETF’s that are projected by three different applicants, in line with documents filed by the SEC yesterday, i.e on 4th Oct.
The new amendments would affect a pair of BTC ETF’s that had been submitted by ProShares in conjunction with the New York’s exchange [NYSE] ETF exchange NYSE Arca. While the other affected applications are the additional five proposed ETF’s that include applications from Direxion, conjointly for listing on exchange NYSE Arca – while two proposals from GraniteShares, for listing on exchange CBOE.
The SEC has requested any party or person to file a statement in support or rejection of the projected BTC ETFs by Oct. 26.
The regulator has revealed that its previous orders disapproving projected rule changes for all the three applicants’ proposals would stay in effect pending the Commission’s review.
In a separate notice, the SEC has filed amendments to specific changes and clarifications that had been suggested by GraniteShares concerning its projected models of operation.
As reported earlier in Aug., the SEC had chosen to review its 9 ETF proposals again, just after a day, it rejected them. The regulator had found that the product didn’t met the requirements by the Exchange Act Section 6(b)(5), particularly the necessity following which a national securities exchange’s rules should be designed to handle dishonourable and illicit acts and practices.