More Bitcoin ETF rejections
Nine more bitcoin ETF applications for the creation of the exchange fund were rejected by the SEC (Securities and Exchange Commission). SEC rejected applications of ProShares (2 applications), Direxion (5 applications), GraniteShares (2 applications).
All ETH cases ends the same again and again
The main position of the SEC is to prevent fraud and manipulation of the market. Therefore, each application is carefully checked. In particular, these 9 ETF did not submit to the commission the plan to identify and prevent criminal fraud.
The SEC confirmed that anti-criminal policies were considered the most important. The commission also takes into account the Chicago Board Options Exchange (CBOE), which confirmed that the bitcoin futures trading volume on the stock exchange is not sufficient to support the bitcoin of the fund.
What is more, the SEC drew attention to the fact that its decision did not depend on an assessment of whether bitcoin had value as an innovation or an investment.
Crypto enthusiasts have little doubt that the SEC will still approve bitcoin-ETF, and they are even willing to wait a couple of years. Although, for example, Vitalik Buterin doubts that such funds will benefit the cryptocurrency industry. The crypto market reacted negatively to the rejections of the SEC, so the cryptocurrency community hopes, that at least one exchange fund in bitcoins will be accepted, believing that this will help attract new investors and increase capitalization.
According to the widely held opinion, bitcoin-ETF will significantly revive the market due to the inflow of institutional money, but recently Bitcoin-guru Andreas Antonopoulos expressed the opinion that such funds can provoke a wave of manipulation in the cryptocurrency market. What is more, now we can see a real fight between the funds, where each wants to get approval first. Previously, investors preferred ETF from VanEck and SolidX, but the application was postponed to a later date.