The U.S. Securities and Exchange Commission (SEC) has stated they will file a statement regarding nine bitcoin (BTC) exchange-traded funds (ETFs) by November 5.
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“It is further ordered that the order disapproving [the proposed rule changes] shall remain in effect pending the Commission’s review,” wrote assistant secretary Eduardo Aleman.
The ETF in question include potential offerings from Direxion, ProShares, and GraniteShares as well as market provider CBOE.
In August, the federal regulator chose to re-review the BTC ETF proposals one day after disapproving the applications.
The SEC stated the ETF’s did not comply with “Exchange Act Section 6(b)(5), in particular the requirement that a national securities exchange’s rules be designed to prevent fraudulent and manipulative acts and practices.”
Money management firm VanEck along with cryptocurrency startup have also filed a BTC ETF proposal to the SEC. The regulators decision on that proposal is expected in December.