SEC States It Will ‘Review’ Bitcoin ETF Rejections

The U.S. Securities and Exchange Commission (SEC) has claimed it will review the disapproval orders for nine bitcoin ETFs issued on Wednesday.

As CoinDesk earlier reported, SEC staffers rejected proposals from 3 providers – Proshares, GraniteShares and Direxion – in a triple-established of orders revealed late yesterday. Now, in accordance to the letters, senior SEC officials will review those people orders, even though it’s unclear at this time when the review will be completed.

As SEC secretary Brent Fields wrote in a letter tackled to NYSE Group senior counsel David De Gregorio:

“This letter is to notify you that, pursuant to Rule 43 I of the Commission’s Principles of Practice, 17 CFR 20 I .43 1, the Commission will review the delegated action. In accordance with Rule 431 (e), the August 22 order is stayed right up until the Commission orders in any other case.”

“The Business of the Secretary will notify you o f any pertinent ac.tion taken by the Commission,” Fields added. Similar language was made use of in two many others letters, which include another sent to NYSE Group and Cboe World Marketplaces.

The information was declared by commissioner Hester Peirce, who notably dissented from a final decision very last thirty day period that saw the SEC shoot down, for a next time, a proposed bitcoin ETF from investors Cameron and Tyler Winklevoss.

In a stick to-up tweet, Commissioner Peirce explained the actions to occur as the SEC moves to review the decisions.

“In English: the Commission (Chairman and Commissioners) delegates some duties to its staff. When the staff functions in this sort of circumstances, it functions on behalf of the Commission. The Commission may possibly review the staff’s action, as will now come about below,” Peirce wrote.

The 3 letters can be found beneath:

Direxion Letter by CoinDesk on Scribd

GraniteShares Letter by CoinDesk on Scribd

ProShares Letter by CoinDesk on Scribd

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