The Securities and Exchange Commission of the United States (SEC) will announce its response on Thursday, August 23, on requests to create listed investment funds (ETF) based on the bitcoin market, which was held by the Proshares company last December. The supervisory authority's decision was postponed three times, so a final position is expected for the Proshares Bitcoin ETF and the Proshares Short Bitcoin ETF.
It has been Proshares almost 8 months since 26 December ask for approval For ETF & # 39; s and traded on the New York Stock Exchange Ark, however, only delays in the decision were received, which possible rejection from the authorities.
The expectation below investors and the bitcoiner community internationally is cautious because of the decision history of the SEC with respect to ETFs that are planning to bring cryptocurrencies to a new financial scenario. On Tuesday, 7 August, the Commission adopted a different decision on 30 September with regard to the bitcoin ETF introduced by Cboe Global Markets in collaboration with VanEck Investment and SolidX. After the SEC's ruling, the bitcoin price fell below $ 7,000 and reached a growth rally that lasted 2 weeks.
On July 27, the SEC also rejected the appeal filed by the SEC Brothers Winklevoss which were excluded from the ETFs in March of this year. On that occasion, the Commission argued that it could not approve the Winklevoss Bitcoin Trust due to "the lack of regulation of markets where bitcoins are traded "and for the" lack of mechanisms to protect against fraud by users ".
Expectations about the ETF
With this previous scenario, investors see little chance of being approves the request, although that does not reduce the importance of the award, since Proshares has been one of the most important companies in the ETF market since 2006.
In addition, the market has cryptocurrency kept stable during the last 10 days, with a bitcoin quote ranging between 6,000 and 6,500 dollars, which can be translated as a sign of restraint.
Both the Proshares Bitcoin ETF and the Proshares Short Bitcoin ETF are trying to get contracts from future of bitcoins offer investors the opportunity to inject money into the cryptocurrency through an investment product.
The SEC has made it clear that without a regulated and decentralized Bitcoin market there will be no ETF because there is a shortage of clarity in legislation in this kind of platforms. Other ETFs that are waiting for a decision on their applications are Direxion Daily Bitcoin from Direxion Investment on 21 September and the GraniteShares Bitcoin ETF and GraniteShare Short Bitcoin ETF on 15 September.
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