US SEC reschedules Direxion ETF determination till September

Posted 25 July, 2018

US Securities and Exchange Commission has decided to postpone the determination on bitcoin-related ETF till September. 

"The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider this proposed rule change. Accordingly, the Commission, ... designates September 21, 2018, as the date by which the Commission shall either approve or disapprove the proposed rule change," the US Federal Register reads.

As the most recent edition of the US Federal Register reads, the authority has delayed the determination on the applications filed by Direxion Investments, which include instruments related to the exchange rates of the cryptocurrencies.

Notably, the Commission has received some comments on this matter. 

In particular, the investment expert from  Atlantis Asset Management stated:

"That would be insane for them to actually approve this. Then they're putting a rubber stamp on it as an asset, and I don't think governments want to go there yet." 

In addition, the New York-based investment fund VanEck Associates once again attempted to explain its view regarding bitcoin-ETF and the need to greenlight such instruments. According to the news reports, they believe the industry is ready to accept and support ETF.

For reference, SEC rejected all applications for bitcoin-ETF.

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25 July, 2018 11:58

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