The SEC issues notice on the future of CBOE’s Bitcoin ETF

The SEC rejected nine Bitcoin ETFs in total just recently. Experts say that a Bitcoin ETF is inevitable at some point, but the SEC is not so sure on this, it seems.

While the Commission seems adamant on not approving a Bitcoin ETF any time soon, it has provided some information on what constitutes their “doubt” about approving such a financial product.

According to a notice on their website, the SEC explained:

“Pursuant to Section 19(b)(2)(B) of the Act,30 the Commission is providing notice of the grounds for disapproval under consideration. The Commission is instituting proceedings to allow for additional analysis of the proposed rule change’s consistency with Section 6(b)(5) of the Act, which requires, among other things, that the rules of a national securities exchange be “designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade,” and “to protect investors and the public interest.”

At this point, it seems that the SEC is in two minds on the CBOE Bitcoin ETF proposal, as the statement in the website states that they are seeking comments on the proposed rule change. Interested parties are welcome to share their opinions, as well:

“Institution of proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved. Rather, as described below, the Commission seeks and encourages interested persons to provide comments on the proposed rule change.”

According to sources, the CBOE Bitcoin ETF has proven to be of huge interest to many parties, as the SEC has officially received more than 1,300 comments on the product.

The fact that the SEC is delaying its decision and has not decided on what to do yet with the Bitcoin ETF only shows that “pressure” on the Commission is rising, as the ETF has been discussed and expected for at least six months.

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