The SEC commissioner confirmed in her Twitter account that the Commission will review the details and reasons for the refusal of ETF requests. Prior to the announcement, the cryptocurrencies rose slightly in price.
The Comission of securities and stock exchanges from the United States (SEC, by his abbreviations in English) today suspended three orders that denied Bitcoin's requests from ETCIN, who were looking for a total of nine of those funds on regulated exchanges, including NYSE Arca.
These orders were published on Wednesday and confirmed the firm's reluctance to make cryptocurrencies available to private investors via conventional financial products.
In a possible turnaround of fate, however, the SEC today announced that the Commission, led by President Jay Clayton, issued these rejection orders, originally by staff on behalf of the top leaders of the agency.
As explained by SEC commissioner Hester Peirce on Twitter, the Commission usually delegates such decisions to staff, but can review their decisions after they have occurred. Peirce said in two tweets in his account @HesterPeirce:
Yesterday's staff assignments for which the SRO standards for a series of bitcoin ETFs have been rejected remain pending the assessment by the Commission. See for example: https://www.sec.gov/rules/sro/nysearca/2018/34-83912-letter-from-secretary.pdf ….
In English: the committee (president and commissioners) delegates some tasks to its staff. When the staff act in such cases, it does so on behalf of the Commission. The Commission can assess staff action, as it will happen here now. "
Peirce – who criticized the recent disapproval by the agency of a ETF from Bitcoin supported by the Winklevoss brothers – a copy of a letter sent by the agency and addressed to the NYSE, confirming that the President and the Commissioners will personally review the requests to determine whether the SEC staff has taken the right decision in these matters.
The schedule for adoption by the Commission is not mentioned in the letter.
The announcement, made at 5:00 pm New York time via Twitter, prompted a response from investors. The most important cryptocurrencies had a slight increase in this last hour. In fact Bitcoin between 5:00 and 18:00 it increased by about 1% and can be detailed in the graph.
Sources: CCN, Twitter Hester Peirce, CoinMarketCap
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Twitter image of Hester Peirce
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