After receiving refusals from the SEC in 2018, Direxion again submits an application to the SEC for approval of an ETF aimed at extracting profits from opening short positions on bitcoin futures traded on CME. The Direxion Bitcoin Strategy Bear ETF will also be able to invest in other bitcoin-based exchange-traded funds, money market funds, deposits or short-term debt market instruments.
source: https://www.sec.gov/Archives/edgar/data/1424958/000119312521308123/d248159d485apos.htm
Topic: US SEC Delays Decision on Direxion Bitcoin ETF Until September (Read 1308 times)
September 22, 2018, 07:54:58 AM
I was not surprised to hear of this, it seems quite interesting. I really see this happening, they will get frustrated with their decision, they know that electronic money is needed and they can not refuse it.
September 07, 2018, 07:09:00 PM
If the SEC approves the bitcoin-based ETF, a new step for bitcoin to be seen as a fit investment for large investors and institutional investors
September 02, 2018, 08:59:46 AM
Typically, the price of any asset reflects all the news around it, which accordingly affects the results of technical analysis. And that's why according to my knowledges on technical analysis I think that Bitcoin will continue to fall in this year by the middle of the next year. So I expect that ETF will not be approved by SEC.
September 02, 2018, 08:48:46 AM
The SEC is simply manipulating the market with all this drama and hoopla. Them and their boys are piling in right now. Once their bags are full (hopefully in September) they all blast off. You know it's going to happen. Just need the right coins.
I have not read theory before and yes it sounds outlandish first but giving it a second thought, it's a possibility we can not completely rule out and it would explain a few things too!
The SEC is simply manipulating the market with all this drama and hoopla. Them and their boys are piling in right now. Once their bags are full (hopefully in September) they all blast off. You know it's going to happen. Just need the right coins.
The SEC has continued to refuse 9 ETF applications and I have never waited for a good result from the SEC. And the SEC was just a shark trying to manipulate the crypto market.
The SEC is simply manipulating the market with all this drama and hoopla. Them and their boys are piling in right now. Once their bags are full (hopefully in September) they all blast off. You know it's going to happen. Just need the right coins.
Everyone seems so excited about the launch of bitcoin ETF. But can anyone guide me to understand whether the proposed ETF by Direxion is a synthetic or a physical one?
If it is a physical one, we have a reason to cheer because large buy orders will follow as soon as the ETF is approved by SEC. These coins will be removed from circulation pushing the price higher.
However, if it is a synthetic one, the community will have no reason to cheer because no physical bitcoins will be bought by the ETF management. So before cheering about the proposed ETF by Direxion, we need to know the truth. Can anyone point me to the right documentation here?
If it is a physical one, we have a reason to cheer because large buy orders will follow as soon as the ETF is approved by SEC. These coins will be removed from circulation pushing the price higher.
However, if it is a synthetic one, the community will have no reason to cheer because no physical bitcoins will be bought by the ETF management. So before cheering about the proposed ETF by Direxion, we need to know the truth. Can anyone point me to the right documentation here?
I went through a lot of articles and documentation but did not find anything related, with one exception. The Cboe filing included a second going that covered Security. For instance if a private or corporate investor should loose the private key to the wallet. Not sure about you but this sounds real enough for me.
Investment firm Direxion has had the review of its Bitcoin exchange-traded fund (ETF) application postponed until September 21. The news about the delay comes from an official document released by the U.S. Government Publishing Office July 24.
An announcement from the U.S. Securities and Exchange Commission (SEC) said it was “appropriate” to delay its decision, which only affects Direxion’s offering.
“The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider this proposed rule change,” it states.
An announcement from the U.S. Securities and Exchange Commission (SEC) said it was “appropriate” to delay its decision, which only affects Direxion’s offering.
“The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider this proposed rule change,” it states.
A lot of us now have our fate anchored on the SEC's decision of allowing the funds inflow into the cryptocurrency markets; all in the bid to bring an uplift. Well, delay is not denial as we still await the 21st of September!
That's is was true US government delay the decision of the ETF i think have some technicality need to learn but don't worry bitcoin still strong without ETF decision all we need to do is continue support in bitcoin to keep strong.
After the recent rejection our hopes are riding on this one now, there are still applications in progress so we shouldn't give up hope. These delays means they are studying the proposal thoroughly, and it is better than an outright rejection. We should all think positively
In my opinion u.s. sec would delay or pospone agsin their decision and with the current rejection of other etf application from the past the chance of this etf application would ne slim. nevertheless the market seems already absurb the fud of previous etf rejection as it shhows no huge effect from the current price of bitcoin. After the recent rejection our hopes are riding on this one now, there are still applications in progress so we shouldn't give up hope. These delays means they are studying the proposal thoroughly, and it is better than an outright rejection. We should all think positively
This was never going to work. Derivative based ETFs like Gemini are not going to get accepted. They knew the previous rulings and applied anyway trying to push the same thing. What they were hoping for? That the SEC will get bored with the same proposals over and over and start accepting them?
The only ETF that has a chance is the one pushed by CBOE based on real bitcoin holdings. If this one gets rejected we can forget about ETFs for some time, which still isn't a bad thing. We went to 20k without them, so anything is possible.
After the recent rejection our hopes are riding on this one now, there are still applications in progress so we shouldn't give up hope. These delays means they are studying the proposal thoroughly, and it is better than an outright rejection. We should all think positively
I just wish we could stop having sleepless night over this ETF that is currently causing FUD in this space. At the right time, the concerned authorities will beg to approve ETF.
it is a very important situation because the approval of BTC ETC will definetely rise up the price of BTC so the market will be saved. I believe that almost all investors wait for this day
Investment firm Direxion has had the review of its Bitcoin exchange-traded fund (ETF) application postponed until September 21. The news about the delay comes from an official document released by the U.S. Government Publishing Office July 24.
An announcement from the U.S. Securities and Exchange Commission (SEC) said it was “appropriate” to delay its decision, which only affects Direxion’s offering.
“The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider this proposed rule change,” it states.
An announcement from the U.S. Securities and Exchange Commission (SEC) said it was “appropriate” to delay its decision, which only affects Direxion’s offering.
“The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider this proposed rule change,” it states.
The SEC requires to be done according to law, the issue of any decision should no longer than 180 days old. The ETF filing notice case was filled on 24 January 2018. Therefore the SEC commission had time to approve/disapprove before 23 July 2018.
There is also a provisional rulebook which states the commission can extend the time frame to approve or disapprove the proposed rule change by not more than 60 days if the Commission determines that a more extended period be appropriate and publishes the reasons for such determination.
If SEC approved ETF it will help to rise up the market. But I don’t think without this approval cryptoworld would be down. Now it is just matter of time to see the crypto world raise steady.
I don’t think SEC will approve ETF and I also don’t think it will create any impact. With or without this approval cryptocurrency will be spread in the whole world and hopefully be the common currency. Just wait and see.
SEC has again delayed their decision regarding Bitcoin ETF. Hopefully, they will take into account the recent public reaction where 97% of the people voted for bitcoin ETF to gets approved by the SEC. If Direxion has proposed a well formulated structure which is fraud proof and sustainable then ETF is very likely to get approved.
I think that delaying is better than refusing Winklewoss' Bitcoin ETF. If the SEC would adopt this decision, I guess the price of BTC will grow significantly. That's why I expect a positive trend on the crypto exchange markets in September 2018.
I don't think BTC ETF is going to approved. But it won't be a big deal for bitcoin. I think there will be bad time for btc if they SEC rejects BTC ETF. But it will be recovered soon.
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