The U.S. Securities and Exchange Commission – SEC hasrevealedatime-framefor reviewingprojectedrule changesassociated witha series of applications to list and tradevariousBitcoin [BTC] exchange-traded funds [ETF’s].
The reviewtimelineaffects9separate ETF’s thatareprojectedbythree differentapplicants,in line withdocuments filed by the SEC yesterday, i.e on 4th Oct.
The new amendmentswould affect a pairof BTC ETF’s that had been submitted by ProShares in conjunction with theNew York’sexchange[NYSE] ETF exchangeNYSE Arca. While the otheraffected applicationsarethe additionalfive proposedETF’s that include applications from Direxion,conjointlyfor listing on exchangeNYSEArca– while two proposals from GraniteShares, for listing on exchange CBOE.
The SEC hasrequested any party or person to filea statementin support or rejection of theprojectedBTC ETFs byOct. 26.
The regulator hasrevealedthat itspreviousorders disapprovingprojectedrule changes for allthe threeapplicants’ proposalswouldstayineffectpendingthe Commission’s review.
In a separate notice, the SEC has filed amendments to specific changes and clarifications that had beensuggestedby GraniteSharesconcerningitsprojectedmodels of operation.
As reported earlier in Aug., the SEC had chosen to review its 9 ETF proposals again,just after a day, itrejectedthem. The regulator had found that theproductdidn’tmetthe requirementsby the Exchange Act Section 6(b)(5),particularlythe necessityfollowing which a national securities exchange’s rules should be designedto handle dishonourableandillicitacts and practices.