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.”
According to the recent ruling made by a US federal judge, criminal cases related to shady ICOs officially fall under securities laws.
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.
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.
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.
The wealth managing firm believes that SEC will take all its time it can, instead of falling for the market euphoria, and extend the decision till March 2019.