SEC rejects nine proposals for bitcoin ETFs

[webfact]

SEC rejects nine proposals for bitcoin ETFs

Reuters Staff

 

FILE PHOTO: The seal of the U.S. Securities and Exchange Commission hangs on the wall at SEC headquarters in Washington, U.S., June 24, 2011. REUTERS/Jonathan Ernst/File Photo

 

(Reuters) - The U.S. Securities and Exchange Commission (SEC) on Wednesday rejected applications for nine bitcoin-based exchange-traded funds (ETF) from three separate companies.

 

ETF provider Direxion proposed to list and trade five bitcoin ETFs, while GraniteShares and ProShare presented two each, all of which were rejected by the SEC. (bit.ly/2BC9PA9) (bit.ly/2LfDyP6)

 

Bitcoin BTC=BTSP was trading up 1.07 pct at $6422.99on Luxembourg-based Bitstamp exchange at 0058 GMT on Wednesday. 

 

-- © Copyright Reuters 2018-08-23

[Calach]

All were derivative-based and some even offered leverage, so they didn't stand a chance, and apart from a quick bump in sentiment they basically brought no long-term benefit to the space. 

 

The VanEck ETF supposed to be approved or rejected in September, but most likely delayed, is the one everyone has his eyes on since it would actually hold the "physical" asset. 

 

But the most interesting late evolution is probably the launching of Bakkt platform by ICE, the owner of NY stock exchange. 

 

 

[Oxx]

Nothing to do with their being derivative based.  The Winklevloss ETF that was rejected back in July was physical.  Much more to do with the SEC's concerns about fraud and manipulation of bitcoin markets.

[neo555]

On 9/8/2018 at 5:20 AM, Oxx said:

Nothing to do with their being derivative based.  The Winklevloss ETF that was rejected back in July was physical.  Much more to do with the SEC's concerns about fraud and manipulation of bitcoin markets.

True, I always keep wondering when the bitcoin crowd will address that issie which basically is responsable for the descent. 

Fraud, high fees when sending to different wallets, security issues (hacked wallets) all that contribiuted more to the descent than the SEC declining that dubious idea. 

 

Why do some coins push to wallstreet? IHMO pure greed.