It appears the SEC's rejection of 9 Bitcoin ETF rejections may have been slightly premature.
In news out late yesterday, the SEC announced that those rejections are now under review.
More about it can be seen here:
A quote from the release:
"The U.S. Securities and Exchange Commission said on Thursday it will review a decision by its staff to block nine bitcoin-based exchange-traded funds from coming to market."
This comes on the heels of the SEC announcing they had rejected 9 Bitcoin ETF applications the day before.
Most of the rejected ETFs were tied to the CBOE and CME futures markets, which the SEC claimed were not robust enough to warrant ETFs being attached to them.
What happened?
It appears that staff at the SEC have delegated authority to make decisions on ETF applications, among other things.
Then the SEC commissioners and chairman have the ability to review their decisions to make sure that they ruled correctly.
Previously, the commission reviewed the Winklevoss Bitcoin ETF rejection and they ruled 3-1 in favor of rejecting the application.
Commissioner Hester Peirce was the only dissenting vote on that particular rejection.
Her reason being that she thinks rejecting bitcoin ETFs may be stifling innovation and the commission may be missing it's mandate if it is rejecting based on manipulation in spot markets where the SEC has no jurisdiction.
Interestingly enough, it appears Peirce is again leading the charge on getting the SEC commissioners to review the recent ETF rejections.
(Source: https://imgur.com/gallery/2kWGJ)
Will this amount to much?
Honestly, probably not.
These ETFs were not likely to be approved anyways, at least in the eyes of many in the crypto industry.
However, it does tell us that crypto has a voice within the SEC and are receiving some pressure to get one of these things passed sooner or later.
That tells me that it is only a matter of time before one does.
The initial rejection of 9 ETFs all at once looked rather bleak for future bitcoin ETF prospects at first, but the fact they are being reviewed means we are likely pretty close to getting one of these things done.
Stay informed my friends.
Image Source:
