RATE Group | US SEC to Review Rejection of Nine Bitcoin ETF Applications
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US SEC to Review Rejection of Nine Bitcoin ETF Applications

24 Aug US SEC to Review Rejection of Nine Bitcoin ETF Applications

Posted at 04:32h in Bitcoin News by

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The U.S. Securities and Exchange Commission (SEC) will review its decision to reject nine applications to list and trade various Bitcoin (BTC) exchange-traded funds (ETFs), Reuters reported August 23.

On Wednesday, the SEC disapproved a total of nine inquiries from three companies to bring BTC-based ETFs to market, claiming that the products did not comply with the requirements by 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.”

Shortly after, the SEC released letters stating their intention to review the decision, having delegated authority to take action on the applications. However, the letters do not specify a deadline for the decision nor what the review will entail.

ETFs are marketable securities that track an index, commodity, or basket of assets, that are proportionately represented in the fund’s shares. ETFs experience price changes…

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