Nine Bitcoin ETF applications to be reviewed by October 9, says US SEC

Lizzy Murray


Nine exchange-traded funds proposed by three different applicants now have a review deadline on October 9, according to official documents published yesterday by the U.S. Securities and Exchange Commission (SEC).

Two of the applications have been submitted by ProShares in collaboration with the New York Stock Exchange (NYSE) ETF exchange NYSE Arca. There are also two proposals from GraniteShares for listing on CBOE and five proposed ETFs from Direxion, also for listing on NYSE Arca.

The SEC requested that individuals or parties who want to file a statement for or against the proposed Bitcoin ETF should do so by October 26.

The governmental institution emphasized its previous orders rejecting proposed rule changes for the proposals of all three applicants will remain in effect waiting for the Commission’s review. In another announcement, the SEC has filed amendments to certain changes and clarifications offered by GraniteShares in regards to their models of operation.

In late August, the SEC decided to review their decision to reject nine ETF proposals, just one day after they’ve been dissaproved. The governmental watchdog concluded the products did not comply with the requirements listed in the “Exchange Act Section 6(b)(5), in particular, the requirement that a national securities exchange’s rules be designed to prevent fraudulent and manipulative acts and practices.”