SEC to Begin Reviewing 9 Rejected Bitcoin ETFs Late October

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The Securities and Exchange Commission (SEC) has set a late October deadline to begin reviewing proposed rule changes that would allow several regulated exchange operators to list bitcoin ETF products on their trading platforms.

In a series of documents published yesterday, on Oct. 4, the SEC revealed that it is set to begin reviewing bitcoin ETF applications from ProShares, Direxion, and GraniteShares, who had sought to list their funds on either NYSE Arca or CBOE BZX.

As part of that process, the SEC has amended NYSE Arca and CBOE’s applications to include clarifying information about the funds subsequently submitted to the agency by the exchange operators.

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Accordingly, the SEC has set a new deadline, Oct. 26, for the public to file statements in support of, or in opposition to, the amended applications, after which it will begin the formal review process. In the interim, the current SEC orders denying the applications will remain in force.

The SEC denied these applications in August, slashing hope among many retail cryptocurrency investors that one of these funds would soon be listed on a regulated securities exchange.

Just one day later, though, the SEC announced that its commissioners would review those rulings, which had been made by agency employees. One commissioner, Hester Peirce, has been a vocal supporter of exchange-listed cryptocurrency products and has criticized the SEC for exceeding its mandate by making qualitative judgments about whether specific investments are appropriate for retail investors rather than determining whether the products in which they are wrapped meet SEC guidelines.

Subsequently, the SEC punted on another bitcoin ETF application — a physically-backed fund proposed by VanEck and SolidX — delaying ruling on that fund until at least December. However, analysts say that it is likely the SEC will not issue a formal ruling on that fund until early next year.

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