The SEC Released A Report For “Rule Change” Regrading The Approval Of A Bitcoin ETF
Bitcoin ETFs are addressed again. The SEC released a document this week where it discussed the proposed rule change submitted by Cboe BZX Exchange Inc. at the beginning of the year.
The rule change was proposed in order to enable the trading of GraniteShares Bitcoin ETF which was put forth in 2018 and then rejected by the regulatory body.
The decision was delayed in February
Back in February, the decision of the proposed rule change was delayed to a later date.
On the other hand, after the session from February, there have been a few hearings which took place.
In August, the matter finally experienced a twist when the original proposal from January received a solid amendment and changed.
After this, the Division of Trading and Markets is also a regulatory body that manages the regulation of major securities market participants, such as FINRA and stock exchanges.
It sets the standards for fair, organized and efficient markets. The report issued by the SEC added the following:
“On August 23, 2018, the Secretary of the Commission notified BZX that, according to Commission Rule of Practice 431,10 the Commission would review the Division’s action pursuant to the delegated authority and that the Division’s action pursuant to delegated authority had been automatically stayed.”
The date is set for October 26 for third parties to file statements
The Commision also set 26th October as the date for third parties to file statements for or against the decision of the Division.
William Rhind, the Chief Executive Officer of GraniteShares, submitted one of the comments on the matter.
He said that the funds would not be directly invested in Bitcoin but rather via future contract.
This will be supported by CBOE Futures Exchange [CFE] or the Chicago Mercantile Exchange [CME].
In his comment, Rhind said that “The funds’ futures contract positions will be rolled over before maturity so that the funds will never be directly exposed to bitcoin.”
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.