SEC Plans to Rule On 9 Bitcoin ETFs by November 05

9 Bitcoin ETFs that were rejected by SEC will now again be reviewed by November 05. However, many assumed that the SEC deadline was set for October 26, 2018, but that was not the case.

What causes Rejection?

During August 2018, SEC delegated ETF reviewing task to its delegates and the staff acting on behalf of commission concluded ETF assigned task with rejections. But this wasn’t a final decision, Commission still retained the power to review the delegated decision.

To note, here is the official statement SEC, released on August 22. It states,

In accordance with Rule 43 1 (e), the August 22 order is stayed until the Commission orders otherwise. The Office of the Secretary will notify you of any pertinent action taken by the Commission

The 9 Bitcoin ETFs proposals include 5 from Direxion, 2 from GraniteShares and 2 from ProShares. The official notes follow;

Accordingly, IT IS ORDERED, pursuant to Commission Rule of Practice 431, that by November 5, 2018, any party or…