A few hours after the announcement of the SEC’s decision on 9 Bitcoin Exchange Traded Funds (ETF)

A few hours after the announcement of the SEC’s decision on 9 Bitcoin Exchange Traded Funds (ETF)

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Answer A few hours after the announcement of the SEC’s decision on 9 Bitcoin Exchange Traded Funds (ETF)

In late August, news revealed that the SEC (the US Securities and Exchange Commission) was reviewing 9 previously rejected Bitcoin ETFs.

What happened was that the refusal was the result of the commission delegating some tasks to its employees. The employees were acting on behalf of the commission and rejected 9 Bitcoin ETFs at once. However, due to additional rules in the regulator, the committee has the power to review these “disapproved” decisions and reconsider the final decision.

Learn about the advantages and disadvantages of Bitcoin ETFs

Confusion about the commission’s deadline which was October 26

Shortly after the US Securities and Exchange Commission (SEC) announced that it was reviewing 9 Bitcoin ETFs, the news spread like wildfire with a new deadline of October 26th.

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Some believed that on this final date a decision will be made, as the Supreme Council of the Committee will decide the fate of 9 Bitcoin ETFs. However, this was not the case.

November 5: Actual deadline for comments

Further scrutiny of the supporting documents submitted by the commission in charge announcing the review of Bitcoin ETF proposals by Direxion (5), GraniteShares (2) and ProShares (2), we find that they all have a November 5 deadline for all parties involved to comment on Traded investment funds. The joint statement commenting on all these documents showed the following:

Accordingly, it is assumed, in accordance with the Commission’s rule of practice 431, that by 5 November 2018, any party or other person may make a statement of support or opposition to the action taken based on the delegation of authority.

The announcement may come any time after the 5th of November

Given that the actual deadline for comments is November 5th, we can assume the SEC will announce any time soon after the given date.

In conclusion, the Securities and Exchange Commission (SEC) is scheduled to issue a decision regarding the aforementioned 9 funds. Noting that November 5 is the last date for any interested party to submit their comments regarding Bitcoin ETFs, we can assume that the SEC will announce this shortly. Therefore, cryptocurrency traders are advised to address this issue when planning their weekly trading strategies.

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