9 Bitcoin ETFs were rejected, and then they weren't!

in #bitcoin6 years ago

It appears the SEC's rejection of 9 Bitcoin ETF rejections may have been slightly premature.

In news out late yesterday, the SEC announced that those rejections are now under review.

More about it can be seen here:

https://www.reuters.com/article/us-bitcoin-etf/sec-to-review-decision-rejecting-bitcoin-etfs-idUSKCN1L82LB

A quote from the release:

"The U.S. Securities and Exchange Commission said on Thursday it will review a decision by its staff to block nine bitcoin-based exchange-traded funds from coming to market."

This comes on the heels of the SEC announcing they had rejected 9 Bitcoin ETF applications the day before.

Most of the rejected ETFs were tied to the CBOE and CME futures markets, which the SEC claimed were not robust enough to warrant ETFs being attached to them.

What happened?

It appears that staff at the SEC have delegated authority to make decisions on ETF applications, among other things.

Then the SEC commissioners and chairman have the ability to review their decisions to make sure that they ruled correctly.

Previously, the commission reviewed the Winklevoss Bitcoin ETF rejection and they ruled 3-1 in favor of rejecting the application.

Commissioner Hester Peirce was the only dissenting vote on that particular rejection.

Her reason being that she thinks rejecting bitcoin ETFs may be stifling innovation and the commission may be missing it's mandate if it is rejecting based on manipulation in spot markets where the SEC has no jurisdiction.

Interestingly enough, it appears Peirce is again leading the charge on getting the SEC commissioners to review the recent ETF rejections.

(Source: https://imgur.com/gallery/2kWGJ)

Will this amount to much?

Honestly, probably not.

These ETFs were not likely to be approved anyways, at least in the eyes of many in the crypto industry.

However, it does tell us that crypto has a voice within the SEC and are receiving some pressure to get one of these things passed sooner or later.

That tells me that it is only a matter of time before one does.

The initial rejection of 9 ETFs all at once looked rather bleak for future bitcoin ETF prospects at first, but the fact they are being reviewed means we are likely pretty close to getting one of these things done.

Stay informed my friends.

Image Source:

https://bitcoinexchangeguide.com/sec-to-review-9-bitcoin-etf-rejections-decision-stays-but-staff-actions-reexamined/

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What is it going to take to finally get one approved?

I think we get one by March-May of 2019. Enough pressure from different sides (included one of the SEC commissioners) will help push one through.

BTC needs ETF like it needs cancer. I thought the whole point was to get away from 'institutional money' and all their ilk. And now everybody is creaming for it like bitches on heat. Mass adoption and retail money is what it should be all about.

1 in a million.

So you’re saying there’s a chance! I get you.

It may be less than that even, but yes there is a chance.

yasssss!! hahaaa there's a chance!

Wow!!! Yep it can be chance...

So much anxiety about price 🤦🏻‍♂️, we are part of a truly vibrant constantly growing community that is the foundation and launchpad to the Weiss rated #5 best cryptocurrency on the planet! and that's out of several thousand!.

Do not worry, it's just a bumpy road where we're going, rather have bumpy and exciting than conventional and boring 😉.

I prefer boring personally. :)

yeah... I can see why most people avoid roller coasters 😕, Fiat-Ville road is nice & predictable though 😗

Haha I am one of those roller coaster avoiders actually. Things are starting to make sense why I think the way I do!

Good post!
Waiting for the next!
👍👍👍

What type of info would make for a good post?

Backstage games of politicians and financiers

I honestly don't think these are games. I believe that the SEC really is trying to do what is right by average investors. Even if it may not seem like it.

I'm not talking about the actions of the SEC, but about the fuss around this, clearly there is pressure from the big capital and hype in the media, the solution is pushed.

Yes that is true. I would not be surprised to see the SEC approve one due to the pressure they are getting from many different angles.

Seems this news also creating fud in crypto market. SEC is also rejecting etfs one by one companies. Still people are eyeing for cboe. On the other hand if there is no etf approve this year then also bitcoin could create another ATH. Likewise last year whatever growth it recorded was not because of things like ETF. So be positive and buy as much as possible and hold unless you hey your desired price. I personally think it's best time to buy.

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I think it is a great time to buy as well. Last year's all time high was likely the result of manipulation, though that doesn't mean it can't happen again without an ETF.

waiting for the next information

I read some analyst's opinion this morning saying that he thought things would turn around in 2019. I think that's probably right.

I could see that as well.

Haha, it's just like that, but in reverse.