US SEC Sets October 26 Deadline for Reviewing Nine

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The U.S. Securities and Exchange Commission (SEC) has outlined a time frame for reviewing proposed rule changes related to a series of applications to list and trade various Bitcoin (BTC) exchange-traded funds (ETFs).

The review period affects nine separate ETFs that have been proposed by three different applicants, according to documents filed by the SEC yesterday, Oct. 4.

The new amendments affect a pair of BTC ETFs that had been submitted by ProShares in conjunction with the New York Stock Exchange (NYSE) ETF exchange NYSE Arca. The other affected applications are the five further proposed ETFs from Direxion, also for listing on NYSE Arca – and two proposals from GraniteShares, for listing on CBOE.

The SEC has solicited “any party or other person” to file a statement in support or rejection of the proposed BTC ETFs by Oct. 26.

The regulator has outlined that its prior orders disapproving proposed rule changes for all three applicants’ proposals will remain in effect pending the Commission’s review.

In a separate notice, the SEC has filed amendments to specific changes and clarifications that had been put forward by GraniteShares regarding its proposed models of operation.

As reported in late August, the SEC had chosen to review its decision to reject the nine ETF proposals, just a day after it disapproved them. The regulator had found that the products did not comply with the requirements by the “Exchange Act Section 6(b)(5), in particular the requirement that a national securities exchange's rules be designed to prevent fraudulent and manipulative acts and practices."

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