The U.S SEC (Securities and Exchange Commission) has demanded further comments regarding its verdict on the exchange-traded fund for Bitcoin (BTC) filed by the Chicago Board Options Exchange (CBOE), on the 20th of September.
The Statement of the SEC
In a notice that was published on the website of the SEC, the SEC said: “Pursuant to section 19(b)(2)(B) of the Act, the Agency is providing notice of the grounds for disapproval under consideration. The SEC is instituting proceedings to allow for additional analysis of the proposed rule change’s consistency with Section 6(b)(5) of the Act, which requires among other things, that the national securities exchange’ rule ‘be designed to prevent manipulative and fraudulent practices and acts, to promote equitably and just principles of trade’ and also to protect investors and their public interest.”
The US SEC said that it hasn’t reached a final judgment yet on the outcome of the Bitcoin (BTC) ETF by CBOE, but that it’s requesting more comments on the proposed rule change.
SEC Seeks Comments on Certain Subjects
The Securities and Exchange Commission seeks further comments to “address the sufficiency of the statement of the trading platform in support of the application,” highlighting the eighteen major areas in their document. At the moment, the US SEC has gotten more than 1,600 comments on the proposal of CBOE for an ETF for Bitcoin (BTC).
Bitcoin (BTC) Price Today – BTC / USD
If the SEC ends up delaying the proposal, it would be the second time they have postponed making a verdict on the Bitcoin (BTC) ETF proposal from CBOE. Chances are the final ruling will be delayed until February next year, but the desire of the SEC to request more comments from interested individuals is indeed a positive sign.
The decision of the SEC on Bitcoin (BTC) ETF has a huge impact on the value of Bitcoin (BTC), which, in turn, affects the entire digital currency market. If the final verdict of the SEC goes in favor of CBOE, that is if an ETF for Bitcoin (BTC) is approved, the value of the digital currency will skyrocket significantly, and altcoins will follow suit.