US SEC Rejects Nine ETFs for Bitcoin (BTC) Filed By GraniteShares, ProShares, and Direxion

Nine applications to trade and list several Bitcoin ETFs (exchange-traded funds) from three applicants have been rejected by the US SEC. This was disclosed by the SEC on the 22nd of August.

US SEC Rejects Two Bitcoin (BTC) ETF Applications Filed by ProShares

The rejection came a day before the anticipated deadline, 23rd of August. 23rd of August was scheduled for a pair of Bitcoin (BTC) exchange-traded funds which was filed by ProShares in collaboration with NYSE (New York Stock Exchange) ETF exchange – NYSE Arca.

SEC Rejects Five Other Bitcoin (BTC) ETF Applications

The US Securities and Exchange Commission has now rejected another seven applications for Bitcoin (BTC) ETF along with ProShares pair. They rejected five additional applications from Direxion – which was also applying to list on NYSE Arca – and two applications from GraniteShares – which was applying to list on CBOE.

SEC’s Statement after the Rejection

After the rejections, the US SEC said that “the agency is rejecting these proposed rule change because the applicants (Exchange) have not met its burden under the Rules of Practice of the Commission and Exchange Act to show that its applications meet the requirements of the Exchange Act Section 6(b)(5), especially the requirement that the rules of a national securities exchange be designed to prevent manipulative and fraudulent practices and acts.”

SEC Rejects the Winklevoss’ Application

Back in July, the US SEC rejected the application of the Winklevoss twins after the denial of their initial application – in which the brothers said that digital currency markets are “uniquely resistant to manipulation.”

Bitcoin (BTC) Price Today – BTC / USD

#NamePrice24H %
1
bitcoin
Bitcoin(BTC)
$8,661.72
0.284%

At the time of writing, Bitcoin (BTC) is trading at $6,434 after a decrease of about four percent over the past twenty-four hours. The current market of the digital currency is $110.83 billion and its trading volume over the past twenty-four hours is $4.16 billion.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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