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SEC Delays Ruling on Five Bitcoin ETF Applications

Article by David Hundeyin

The Securities and Exchange Commission (SEC) has announced in a statement that it will delay its ruling on whether or not to give approval to a rule change relating to five bitcoin ETF applications filed by fund provider Direxion.

The ETFs in question are Direxion Daily Bitcoin Bear 1X Shares, Direxion Daily Bitcoin 1.25X Bull Shares, Direxion Daily Bitcoin 1.5X Bull Shares, Direxion Daily Bitcoin 2X Bull Shares, and Direxion Daily Bitcoin 2X Bear Shares.

SEC Puts the Brakes on Direxion’s Bitcoin ETF Aspirations

According to the SEC press release, on Jan. 4, 2018, NYSE Arca, Inc. submitted a filing for a proposed rule change which would permit the listing and trading of shares of the ETFs under the NYSE Arca Rule 8.200-E.

In response to this, the SEC indicated that it would need more time to study and analyze the proposed changes to make sure that they are in line with its standards.

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