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.”
The data also show a consistent drop in the ‘HODL’ frequency, while on the other hand there a growing ‘REKT’ frequency.
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.
The U.S. SEC is set to approve or deny the two ProShares Bitcoin ETFs filed in 2017 on 23 August. If approved, the ETF’s performance would be tracked on popular exchanges like the Cboe and CME.
Brian Kelly says that the market is still not ready for Bitcoin ETFs and that he doesn’t see that coming until the end of 2018.
The U.S. SEC will be analyzing ETFs from SolidX, VanEck, ProShares, and others within the next two months. If get approved, institutional investors can enter the market and facilitate the growth of the most important cryptos prices.
The crypto market sentiment has been severely driven down after the rejection of CBOE Bitcoin ETF, the ripple effect of which is spread all over.
Bitcoin declines by over 6% in the last 24-hours while the overall cryptocurrency markets lost over $20 billion.
An announcement from the U.S. Securities and Exchange Commission (SEC) said the decision concerning bitcoin ETFs of investment firm Direxion is postponed until September 21.