RATE Group | Bitcoin Prices Unfazed By Latest ETF Rejections
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Bitcoin Prices Unfazed By Latest ETF Rejections

24 Aug Bitcoin Prices Unfazed By Latest ETF Rejections

Posted at 23:52h in Bitcoin News by

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Bitcoin prices did not suffer significant losses following recent ETF rejections. Shutterstock

Bitcoin prices remained relatively stable this week, avoiding significant losses after the U.S. Securities and Exchange Commission (SEC) rejected nine separate proposals for exchange-traded funds (ETFs).

The SEC released three orders on August 22, shooting down the proposed funds and explaining its reasoning. Every order provided the same logic, stating that:

“The Commission is disapproving this proposed rule change because, as discussed below, the Exchange has not met its burden under the Exchange Act and the Commission’s Rules of Practice to demonstrate that its proposal is consistent with the requirements of 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.”

Bitcoin markets reacted little to this news, with the digital…

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