Bitcoin Again in High Speculation as SEC Filed Amendments Relating To It

Lloyd Doyle
October 8, 2018

The SEC is working in order to be sure that there is no manipulation in the cryptocurrency market.

Shortly thereafter, the deadline for another application for a physically secured Bitcoin fund from VanEck and SolidX was extended to at least December.

One of the biggest issues holding back the price of cryptocurrencies is the SEC, which has rejected 15 different Bitcoin ETF proposals.

Granite shares had also proposed to list and trade shares two ETF 's: GraniteShares (long) Bitcoin ETF and the GraniteShares Short Bitcoin ETF to take make the best use of the market volatility and also to mitigate the risk that arises due to trends in the market.

Additionally, in a separate announcement, the SEC has stated that it has filed amendments to proposed rule changes and clarifications given GraniteShares regarding its operating mode.

The three firms had sought to list the Bitcoin (BTC) ETFs on the NYSE Arca or CBOE BZX. At the end of this period, the commission will begin a formal review. A day later, amendment 2 was submitted, replacing the proposal of 21 August in its entirety. Since the decision was extended on September 20, analysts expect the SEC to utilize all the extensions (maximum of 240 days).

Will SEC approve, disapprove or further delay the GraniteShares ETF application?

As reported by Coin Update, the Securities and Exchange Commission rejected the applicants' applications as early as August.

The SEC has reportedly issued a 26 October deadline for the review of 9 Bitcoin ETF applications and, while there are hopes of a reversal to rejections, the reality remains that both fraudulent and price manipulative actions persist that could leave the SEC with little choice but to reject the applications pending the introduction of an appropriate regulatory framework that addresses both of the SEC's key concerns.

"...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 created to prevent fraudulent and manipulative acts and practices". They have now asked that any party with opposition or support of the GraniteShares ETF should do so by October 26, 2018. Do let us know your views on the same.

Other reports by Iphone Fresh

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