The SEC has set a new deadline till the October end for public comments after which the securities agency will start reviewing the proposed rule changes.
VanEck director Gabor Gurbacs said that the company is firm in its decision to get “a liquid, insured and appropriately regulated physical bitcoin ETF” in the market.
Coinsquare has taken a decision to go in for exchange-traded fund business, its subsidiary has launched two exchange-traded funds.
The SEC has sought for comments to “address the sufficiency of the Exchange’s statements in support of the proposal, which are set forth in the Notice.”
Though the crypto community doesn’t have a single opinion about the future of the market, some experts believe that BTC will go up.
The SEC cited the reason of its interim suspension stating that the funds create a “confusion amongst market participants.”
SEC Commissioner Hester Peirce explained that the agency might reconsider its decision as the ruling was originally drafted by SEC staff members on behalf of the leadership.
SEC says that the insufficient volumes of Bitcoin Futures don’t satisfy the agency’s rules to prevent fraud and manipulation.
Bitcoin declines by over 6% in the last 24-hours while the overall cryptocurrency markets lost over $20 billion.
The CBOE Bitcoin ETF will allow for over-the-counter (OTC) trading for accredited investors while providing them with complete security and insurance.