Direxion filed an application to SEC related to the upcoming Bitcoin ETF proposal mentioned his questions for Direxion Daily Bitcoin 2X Bear Shares, Direxion Daily Bitcoin 1.5X Bull Shares, Direxion Daily Bitcoin Bear 1X Shares, Direxion Daily Bitcoin 1.25X Bull Shares and Direxion Daily Bitcoin 2X Bull Shares.
Hold on Bitcoin ETF Application
As per the official press release of SEC which stated that NYSE Arca,Inc. submitted an application of proposal to change the rules which would permit the listing and trading of shares of the ETFs under the NYSE Arca Rule 8.200-E.
The SEC in response to this indicated that it would need more time to study and analyse the proposed changes to make sure that they are within their lines of standards.
Signed by Assistant Secretary Eduardo A. Aleman on behalf of the SEC Division of Trading and Markets, the statement specifically mentions that the SEC had concerns about whether the changes would be in line with Section 6(b)(5) of the SEC Act.
This section states, amongst other things, that the rules of a national securities exchange must be designed to “prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, and to protect investors and the public interest.”
Bitcoin ETF To Arrive In September
In accordance to the Provisions Act, it is mandatory to decide the approval or rejection within a time period of 180 days from the date of publication of the proposed rule change notice by the Commission incharge. The first notice given for rule change to SEC was on 24 January which means that SEC’s date for its final decision was originally due by July 23.
Using a special extension time period not exceeding than 60 days and having enough time to properly survey the proposal before arriving to any decision a new final decision date of Sep. 21 was issued by SEC.
The official statement reads as:
“The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider this proposed rule change. Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act,\10\ designates September 21, 2018, as the date by which the Commission shall either approve or disapprove the proposed rule change.”