SEC Will Review Bitcoin ETF Rejections

SEC Will Review Bitcoin ETF Rejections

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:

This letter is to notify you that, pursuant to Rule 43 I of the Commission's Rules 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 until the Commission orders otherwise.

Brent J. Fields, the SEC secretary

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.

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