US SEC rejected the latest proposal to create Bitcoin ETF

Tencent Securities on October 10, the Securities and Exchange Commission (sec) again rejected the proposal to create a bitcoin support ETF.

The SEC stated:

"The objection is not based on an assessment of bitcoin or more general blockchain technology, and whether bitcoin has the utility or value of innovation or investment," but "the New York Arca Stock Exchange failed to fulfill its The responsibility of the Act and the Commission’s business rules to demonstrate that its proposal meets the requirements of Section 6(b)(5) of the Exchange Act, in particular, the rules of the National Stock Exchange are designed to prevent fraud and manipulation. Behavior 'this one.'

The Bitcoin ETF allows investors to invest in this digital currency without actually buying or storing it. But the SEC has not yet approved any Bitcoin ETF on the grounds that there are current concerns about fraud and manipulation – suggesting that cryptocurrency investments face significant regulatory obstacles.

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Last month, VanEck withdrew a Bitcoin ETF for the second time this year.

Bitwise, a provider of cryptocurrency index funds, initiated a proposal to set up a Bitcoin ETF in January this year, and the SEC's ruling was repeatedly postponed. Bitcoin bids will be stored by a regulated third-party custodian whose tracking price will be based on multiple exchanges.

After the news was released, the price of Bitcoin stabilized immediately. Bitcoin's latest trading price is around $8,610, up 5% in the past five days, but has fallen 31% in the past three months. Despite the plunge in bitcoin this summer, it has risen 132% so far this year. (Tristra)

Source: Tencent Finance

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