The Commission on securities and stock exchanges of the USA (SEC) has again denied the launch of two bitcoin-ETF — ETFs — ProShares from the company. This financial giant now controls assets worth up to $30 billion the First application for the registration of funds was filed in September 2017, but the company then withdrew it. According to the plans of the management ProShares, these tools had to track the dynamics of futures on bitcoins traded on the Chicago Board of options exchange (Cboe).
In the decision of the Commission on securities and stock exchanges notes:
The failure was caused by the fact that the Commission does not approve rule changes, and stresses that her disapproval is not dependent on whether bitcoin and the blockchain technology, the usefulness and value as innovation or investment.
The regulator stressed that the company was unable to demonstrate compliance with its proposals to the requirements of the exchange act in part to prevent manipulation and fraud in the market. In addition, it provided no significant evidence that futures markets bitcoin markets are the large size.
The SEC insists that the Cboe should develop rules that will prevent the manipulation of digital assets.
The Commission also decided to approve the applications for the launch of cryptocurrency ETF from Direxion and GraniteShares companies that had planned to launch seven exchange-traded funds.
Recall that in early August, the SEC issued a statement in which he said that a decision on the joint application of the companies VanEck and SolidX may be delayed until 30 September; this period is called extreme.
Exchange-traded funds track the dynamics of the behavior of a group of assets on the market. The launch of ETF-focused crypto-currencies could increase the influx of institutional investors (although not all in cryptosuite like the idea of such a tool).