US SEC Delays Decision on Direxion Bitcoin ETF Until September
The latest rejection involves two ETFs filed by ProShares that would track bitcoin futures contracts, another from GraniteShares, and five leveraged and inverse ETFs from Direxion.
Like its rejection of the Winklevoss ETF, the SEC expressed concern about fraud and manipulation of bitcoin markets.
The U.S. Securities and Exchange Commission (SEC) has rejected a total of nine applications to list and trade various Bitcoin (BTC) exchange-traded funds (ETFs) from three different applicants, according to a three separate orders published by the SEC today, August 22.
The disapprovals come one day ahead of the anticipated deadline, August 23, stipulated for a pair of BTC ETFs that had been submitted by ProShares in conjunction with the New York Stock Exchange (NYSE) ETF exchange NYSE Arca.
The SEC has now rejected a further seven proposed ETFs alongside the ProShares pair –– these being five further proposed ETFs from Direxion, also for listing on NYSE Arca –– and two proposals from GraniteShares, for listing on CBOE.
Bitcoin prices had continued to climb through Tuesday amid mixed consensus about whether the potential for an ETF go-ahead was fuelling markets.