The U.S. Securities and Exchange Commission (SEC) will review its Wednesday’s decision on disapproving nine proposed Bitcoin exchange-traded funds.
Earlier this week, the SEC rejected nine bitcoin ETFs proposals submitted by three separate companies. A day later, SEC secretary Brent J. Fields sent three similar letters to NYSE Group and Cboe Global Markets notifying that the rejections will be reviewed:
As explained in a tweet by SEC Commissioner Hester Peirce, the Commission may sometimes delegate tasks to its staff. Though the staff acts on behalf of the Commission, the decisions can be reviewed by the Chairman and Commissioners. As such, the rejections are not final, and can still be ruled out or amended, though no particular deadline is specified.
In English: the Commission (Chairman and Commissioners) delegates some tasks to its staff. When the staff acts in such cases, it acts on behalf of the Commission. The Commission may review the staff's action, as will now happen here.— Hester Peirce (@HesterPeirce) August 23, 2018