In an unexpected relief to BitCoin ETF, US SEC which had decided to review the decision on disapproval of the same by Division of Trading and Markets(Delegated Authority) is seeking inputs/statements regarding the Decision.
The decision comes in light of disapproval of ETF proposed by NYSE Arca Inc.
Chronology till now of ETF proposed by NYSE Arca Inc. –
- On December 4, 2017, NYSE Arca Inc. proposed to list and trade shares of the ProShares Bitcoin ETF and the ProShares Short Bitcoin ETF issued by the ProShares Trust II.
- On January 30, 2018, the Commission decided to take a longer than usual time period within which to approve, disapprove, or institute proceedings to determine whether to approve or disapprove proposed ETF.
- On March 23, 2018, the Commission instituted proceedings under to determine whether to approve or disapprove the proposed ETF. On June 15, 2018, the Commission extended the period for consideration of the proposed ETF to August 23, 2018.
- Than Division of Trading and Markets(Delegated Authority ) on 22/08/2018 had disapproved BitCoin ETF proposed by NYSE Arca Inc. for listing on CBOE,
- But on 23/08/2018 Secretary of the Commission stayed the decision of Division of Trading and Markets and notified that it will be reviewed by Commission.
- Now US SEC on 4 October 2018 has issued a press release to consider fate of Division of Trading and Markets Decision to disapprove ETF, in which Securities and Exchange Commission has asked that Parties can file a statement in support of or in opposition of Above Decision till 5 November 2018.
So currently it looks like that there is a chance that 2 ETF proposed by NYSE Arca Inc. and 7 other ETFs proposed by Direxion and Graniteshares can see light at the end.
The fate of ETFs is expected to come only by mid-November or later since filing of statements is to be made by 5 November 2018. Crypto Market has seen turmoil on rumours and decision related to Bitcoin ETF. So a positive Note at last expected in the End.