This year, there are a number of bitcoin ETFs that are waiting to be approved online, and more than five of them are known to have been handed over in exchange for a huge hope. today, the Winklevoss brothers filed for a bitcoin ETF: BZX was killed by the SEC. the two brothers were unlucky, submitted so many times, and each time they were killed, as Facebook did, never to catch up.
In a special look at the veto file on the SEC's website, the currency notes the following passage:
" While the CSRC has rejected the BZX ETF application, it is important to note that this rejection is not because bitcoin or blockchain technology has no value in innovation or investment, but because BZX does not comply with the " rules of the trade " and the committee's " practice rules ", in which BZX fails to comply with the " transaction law " requirement: 6 ( b ) ( 5 ).
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After looking through the entire document, it concluded that more problems might be in the design of BZX, the BZX ETF and the Winklevoss brothers ' Gemini exchange.
Since the ETF is directly linked to the Gemini bitcoin exchange, the document notes that the company is known to be the top three exchanges in the United States, but there are whistleblowers who report that they are all fake, in order to apply for the amount of the ETF's brush, which can not escape the suspicion of manipulation.
So instead of killing the bitcoin ETF, the SEC has given some degree of certainty and drama to the fact that trading volumes have not been concentrated in China.
But even so, the SEC's own officials were furious, issuing their own protest: strongly against the SEC's death of BZX bitcoin ETF!
This official's own opposition draft, unexpectedly appeared on the SEC's official website!
What just happened?
Or is it just a foreshadowing of the approval?
The main point of Hester's article is that, from the rejection of the document, the reasons for the rejection are now so weak that the market is not mature enough to require regulatory intervention to get it to mature. it is now a good time to have a groundbreaking bitcoin ETF to protect the investors involved, and if it doesn't move forward, it will probably go somewhere else.
Next, there are several bitcoin ETFs that the SEC will make:
On August 23rd , Proshares will submit bitcoin ETF
On September 15th , graniteshares will submit bitcoin ETF
On September 21st , Direxion final will submit bitcoin ETF
The best hope for the currency is that it will be delayed until march next year's VanEck / solidX bitcoin ETF, but in August, you can focus on the SEC's attitude to the above bitcoin ETFs, which will gradually explain some of the issues.
All the words " ETF rejected " must be for short, and fans of the cryptocurrency must pay attention to the details.