More BTC ETF Requests Put On The SEC Chopping Block

SEC Rejects Two Bitcoin ETFs

SEC quashes more bitcoin ETF pitches in another blow to cryptocurrencies

This week the SEC rejected proposals from three companies-ProShares, Direxion and GraniteShares-that had collectively proposed a total of nine bitcoin ETFs.

Taking this statement into account, along with the 15 other mentions of "manipulation" in each of the documents, it is clear that SEC commissioners still believe that Bitcoin markets are subject to manipulation.

America's SEC is already revisiting its decision to reject proposals for nine Bitcoin-backed exchange traded funds...

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"SEC staff have delegated authority to make a decision on such applications, meaning the commissioners and the SEC chairman have the power to review the decision if they desire".

The latest Tweet posted by Hester Peirce will be considered by some as a further dig at the other Commissioners as the announcement didn't come through the official SEC social media channel. As reported by Coindesk, the SEC also rejected bitcoin ETF proposals from Direxion and GraniteShares on Wednesday. She gave no timeline for the review.

There are still several cryptocurrency ETF proposals that have been submitted for SEC approval. He also added that "The Office of the Secretary will notify any pertinent action taken by the Commission".

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"In addition, CFE President and COO have recently confirmed in a letter to the Commission staff that the current Bitcoin futures trading volumes on the CBOE Futures Exchange and CME may not be sufficient to support ETFs that are long or short Aim for 100 [percent] to bitcoin".

Earlier this month, the USA regulator delayed its decision on a VanEck and Solid X ETF.

While the SEC's decision is no doubt a blow to bitcoin and crypto enthusiasts hopeful for a bitcoin ETF, the bitcoin price over a 24-hour period increased 2.57 percent to US$6,546.50 as of 6:22 p.m. EST on Thursday. Those two, denied under SEC Release 34-83904 (in pdf), were shot down because neither had met the requirement "that a national securities exchange's rules be created to prevent fraudulent and manipulative acts and practices".

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Peirce had announced the news without any reference to the earlier decision of SEC rejecting a proposed bitcoin ETF from investors Cameron and Tyler Winklevoss, for the second time. For example, ProShares withdrew the majority of its previous applications in January, indicating lack of confidence in their proposal. This comes shortly after the Winklevoss Bitcoin Trust ETF denial, which occurred less than a month ago on July 26th.

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