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Blockforce Capital’s Reality Shares ETF Trust has announced they will be withdrawing their exchange-traded fund proposal for bitcoin futures.
According to U.S. Securities and Exchange Commission (SEC) notes, the company withdrew its ETF proposal at the wish of SEC employees.
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“I can confirm that we did withdraw it and it was withdrawn because the staff are still taking the position that it’s not appropriate to file a registered 40 Act fund with cryptocurrency exposure at this time,” said a lawyer for Reality Shares.
Under the Investment Company Act of 1940, the proposal would have been approved automatically after 75 days and was the main concern of the SEC.
The proposed ETF included a portfolio of bitcoin futures from both the Cboe and the CME exchanges, as well as, sovereign debt instruments.