RATE Group | SEC ruling on Bitcoin ETF shatters hope for a cryptocurrency bull run
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SEC ruling on Bitcoin ETF shatters hope for a cryptocurrency bull run

23 Aug SEC ruling on Bitcoin ETF shatters hope for a cryptocurrency bull run

Posted at 10:18h in Cryptocurrency News by

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The US Securities and Exchange Commission (SEC) gave the much-awaited ruling on the pending Bitcoin exchange-traded fund (ETF) proposals on Wednesday, and it is not the news cryptocurrency industry was hoping for.

The agency rejected all the nine Bitcoin BTC ETF proposals filed by ProShares, Direxion and GraniteShares in three separate orders, according to CNBC.

While all the three ETF providers gave their own reasoning for why a Bitcoin ETF should be granted, the SEC has rejected them on common grounds.

The agency notes that this rejection doesn’t have anything to do with whether Bitcoin and blockchain technology have utility or value as an innovation or an investment. Indeed, the SEC found that none of the exchanges could satisfactorily demonstrate their ability to prevent fraudulent and manipulative acts and practices.

The SEC also cited the inability of the exchanges to prove that Bitcoin futures markets are “markets of significant…

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