Several companies seeking to list exchange-traded funds (ETFs) linked to Bitcoin have withdrawn their petitions to the United States Securities and Exchange Commission.
VanEck, First Trust Advisors LP, Direxion Shares ETF Trust, Exchange Listed Funds Trust and ProShares Trust have submitted a letter requesting the withdrawal of the products requested, barely a month ago. Apparently, the official personnel of the United States Securities Exchange made some kind of clarification request to the participants, alleging “concerns regarding the liquidity and valuation of the underlying instruments in which the Fund intends to invest mainly and called for the withdrawal of the amendment until these concerns are resolved.”
The timing of these withdrawals is remarkable, given that the SEC launched on December 28 and January 2 a way to solicit public opinion on the proposals, the new documents make public the proposed changes presented by the Chicago Board Options Exchange (Cboe ) that would exempt proposed Bitcoin ETFs from certain market manipulation rules. Presented in two presentations, on December 15 and December 19, the changes in the rules are related to the advisors and brokers who would seek to endorse the products when they are launched.
The two proposed rule changes suggest that bitcoin does not behave like traditional assets.
While the SEC has launched Cboe’s proposals for public comment, it has a longer history of pressure for withdrawals of bitcoin ETF proposals. Several organizations killed their ETF efforts last year at the request of the agency; At the same time, at least two of these proposals (the REX Bitcoin Strategy Fund and the REX Short Bitcoin Strategy ETF) were denied because bitcoin futures contracts did not exist at that time.
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CEO of bitcoiner.today