Haha, I knew it. There was so much hype around this times ETF and even though I got a bit more hopeful then last time, it was pretty obvious that it wouldn't get approved, like the last couple of times it's happened.
I would agree with your opinion that they just aren't interested in working with crypto especially with Libra causing a lot of issues.
I don't think it'll affect the market that much, I don't think people really bought the ETF news, and they are much more cautious with it now (I know I am).
Topic: [2019-10-10] US SEC Rejects Bitwise Bitcoin ETF Proposal - page 2. (Read 268 times)
Quote
The United States Securities and Exchange Commission (SEC) has rejected a proposal to list a Bitcoin (BTC) exchange-traded fund (ETF). In an announcement on Oct. 9, the Commission stated that the ETF filing from Bitwise Asset Management and NYSE Arca did not meet the necessary requirements. Specifically, regulators stated that the applicants did not meet the necessary requirements regarding possible market manipulation and illicit activities.
The SEC wrote: "Rather, the Commission is disapproving this proposed rule change because, as discussed below, NYSE Arcahas not met its burden under the Exchange Act and the Commission’s Rules of Practice to demonstrate that its proposal is consistent with the requirements of Exchange Act Section6(b)(5), and, in particular, the requirement that the rules of a national securities exchange be designed to prevent fraudulent and manipulative acts and practices.'"
Read more of this latest news on ETF here...
Just what I expected and been saying days ago, there is really no chance for now for an ETF approval by SEC. No, not this time as the government seems not to be on the mood to work with the cryptocurrency industry and crypto-related businesses we have around, and definitely not this time when the issue of Libra is on the limelight. Officially, however, it is the possibility of fraudulent and manipulative acts and practices or rather the fear of them is cited as ground for the final decision.
How will this another ETF rejection influence the Bitcoin market? Right now, it seems that it does not care at all. Actually, this ETF proposal by Bitwise has never been too much on the radar of Bitcoin and is never a factor for any pump before so this might as well go silently without any ceremony at all.
Better luck next time, guys!
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