The US Securities and Exchange Commission (SEC) has given a specific time to review the revised rules for several applications that are scheduled to go online and trade Bitcoin ETFs.
According to the announcement issued by the SEC yesterday, this review process will affect the 9 ETFs submitted by 3 independent applications.
The applicants for these Bitcoin ETFs are ProShare and NYSE Arca, the ETF trading market of the New York Stock Exchange. They jointly submitted two Bitcoin ETF applications; in addition, five ETFs submitted by Direxion (also applied for online at NYSE Arca) and GraniteShare proposes an ETF that is available on the Chicago Board Options Exchange (CBOE).
The SEC requires any of the above or others to submit an application by October 26 to indicate support or objection to the revised Bitcoin ETF Rules.
The regulator said that its decision to reject the three applicants to submit a rule change request remains valid until they are reviewed.
In another notice, the SEC proposed changes to GraniteShares regarding specific changes and clarifications in its operating model.
At the end of August, one day after rejecting the nine Bitcoin ETF applications, the SEC decided to consider reviewing the ETF . At the time, the reason for the SEC's refusal of the ETF application was that such products did not comply with Section 6(b)(5) of the Exchange Act, ie the rules of the National Stock Exchange should be able to prevent fraud and manipulation and activities."
