The American Commission on securities and exchange Commission (SEC) announced its intention to reconsider its previous decision to refuse the launch of a nine-focused bitcoin exchange-traded funds (ETFs). It is reported by CoinDesk.
In a letter to SEC Secretary Brent fields in address senior Advisor to NYSE Group David di Gregorio, said:
“We hereby want to inform you that, pursuant to Rule 43 of I Procedural the Commission (17 CFR .43 20 I 1), the Commission will review the delegated activities. In accordance with Rule 431 (e), decision of 22 August shall remain in force until until the Commission decides otherwise.”
The time within which the Commission intends to make final decisions on the proposed ETF, while not specified. A copy of the letter received also introduced by the Cboe Global Markets.
The news about the intention of the SEC to reconsider its decision first reported by an Authorized representative of the Commission of Hester pierce, previously criticized the refusal to launch a bitcoin ETF brethren Winklevosses:
In English: the Commission (Chairman and Commissioners) delegates some tasks to its staff. When the staff acts in such cases, it acts on behalf of the Commission. The Commission may review the staff”s action, as will now happen here.
— Hester Peirce (@HesterPeirce) August 23, 2018
“To be clear, the Commission (President and commissioners special) delegate some tasks to employees. When employees in such cases to make decisions, they act on behalf of the Commission. The Commission may examine the actions of employees, and it will be so in this case,” she commented my first entry about the plans of the SEC.
We will remind, the day before the SEC rejected nine applications for the launch of a bitcoin ETF, two of which were filed jointly by ProShares and NYSE Arca.
As mentioned in the official answer of the Commission, the exchange failed to demonstrate that its proposal meets the requirements of section 6(b)(5) of the exchange Act, in particular regarding the requirements for the prevention of manipulation in the market.
Almost the same arguments, the Commission cited in justifying his decision to refuse the launch of five bitcoin ETF, applications for the launch of which was previously filed by the company Direxion, the two funds GraniteShares.
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