Bitcoin ETF denied in three published decision.
The SEC has issued three publications decisions, covering nine different Bitcoin ETF. The applications have put forward by many big align companies like Direxion, Pro Shares, and Granite Shares were rejected along largely the same lines of argument.
Cryptocurrencies are already “Electronically Traded Funds” right out of the box so the idea of a “Bitcoin” ETF (or any other coin) is a fraud right out of the box too! The only ones that would buy an ETF rather than the coin itself would be those too lazy to download a wallet to store them securely themselves. And the fact that crypto ETFs and futures etc. are the only ones to trade and not actually enable “physical” delivery ought to send up some serious red flags. An owner being able to actually take physical delivery helps keep the traders honest (or at least makes a feint in that direction) while a crypto ETF would essentially be able to create “crypto” out of thin air worst than the Federal Reserve and banking system itself.
“Order Disapproving a Proposed Rule Change to List and Trade the Shares of the Pro Shares Bitcoin ETF and the Pro Shares Short Bitcoin ETF,” it dashes eager hopefuls immediately.
A positive takeaway for future litigation with the agency is the extent it took to deny these ETF tries. There is a lot of information yet to be digested by concerned parties. A careful reading, the right configuration, and perhaps a new day can be had. For now, the SEC is not budging.