Bitcoin ETFs Require More Amendments: SEC Again Delayed the Approval

When the entire world is waiting for the approval of Bitcoin ETF, the Security and Exchange Commission (SEC) gave another deadline which has made the wait a little longer. According to the latest filing released by the Security and Exchange Commission, Cboe BZX Exchange has filed the second amendment for a proposed rule change to list the Bitcoin ETFs.

The amendment affected nine BTC ETFs which were proposed by three different groups, GraniteShares, Direxion, and ProShares. In the recent announcement, the Security and Exchange Commission declared that the people of United States could file a statement in support or opposition to the proposed amendment of GraniteShares Bitcoin ETF application. The due date for filing comments is 26th October 2018. SEC has released three separate amendment statements through all these amendments cover similar issues. By this announcement, it seems that SEC can take the finals decision about the GraniteShare Bitcoin ETFs on 26th October 2018. Crypto enthusiasts around the world are looking forward to having the first Bitcoin ETF approval by the Security and Exchange Commission on 26th October.

GraniteShare Bitcoin ETF will not invest directly in the bitcoin but will invest in the Bitcoin futures which are currently trading at the CBOE Futures Exchange (CFE) and Chicago Mercantile Exchange (CME). According to William Rhind, the chief executive officer of GraniteShares, the reason behind choosing Bitcoin futures instead of Bitcoin is as it is offering four major benefits in regards to risk and operations of funds such as protection against market manipulation, good liquidity and trading, ready and hassle-free valuation and available custody. William has also clearly mentioned these reasons even in a letter to the SEC.

In August this year, SEC has announced that the agency is denying all nine ETFs by ProShares, GraniteShares, and Direxion. But a day later the SEC reversed that decision and temporarily halts the denial while under review. Now it seems that a part of the review process has completed as the SEC has submitted amendments related to all three Bitcoin ETF groups.