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 1313 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.
I don't know why they are taking much time. They should give a clear decision on it soon. Because i think this decision going to cause changes in Bitcoin price.
We'd all still be keeping out coins this is what will happen and the market goes on. Bitcoin will stay and nothing stops this train and I'm sure they'd figure this up by now so I might expect it to be approved though. Its long been discussed too. If ETF will be approved, I think the price may not really go that high like how it did happen last year.
It will be really great If SEC approves BTC ETF. There will be more investments which will create impact on the price of bitcoin as well as other alt coins.
Probably this was the cause of actual dip.
Indeed I didn't explain why this new bearish phase after last negative months.
Indeed I didn't explain why this new bearish phase after last negative months.
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.
in a perfect world that might have been right.
but I am starting to think that SEC may not want to approve anything bitcoin related at all. and that may even be for the best. people have to realize that we don't need SEC's approval of bitcoin to succeed. the real success is when they reject bitcoin and bitcoin grows.
so far in the past month or so they have caused a lot of fluctuations in the market which wouldn't have existed otherwise. we could have seen $9k by now if there were no ETF proposals.
To be honest, I expected this to happen because I watched videos on youtube regarding this and they all say that it will be delayed. Now the sudden pump of bitcoin in the last few days is because of the Bitcoin ETF. Many expected that it will be approved this month and they bought Bitcoin hoping that it will pump more (buy the rumor). My opinion is, lets just hold bitcoin until the SEC gives the decision.
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.
We don't know much about what's going on within the SEC, or whether they really are reconsidering on approving the ETF. I just hope that they really take public opinion into consideration on their deciding pricess. A month seems to be a long time already for the deciding process, and by then people can overspeculate and hype the shit out of the market. Whatever the results are for the ETFs lined up, it will be a huge deciding factor on where the market will go in the coming months.
There was a massive public response who were in support of Bitcoin ETF when SEC asked for their opinion. This incident might have forced them to delay the actual decision. I hope, the framework for the proposition is flawless so that SEC has no other option available than accepting it.
The delay is actually good for the community. In this time of speculation BTC will see a increase in demand and more public support. Hopefully, Direxion firm has presented a functional and foolproof model of ETF, then the chances of it getting accepted will go higher.
it seems like they are delaying their decision making as much as they can in a way so that there is at least 1 ETF for rejection per month and at that rate they may be hoping to keep the bitcoin price down with their decisions!
i wonder how long would it take before people wake up and start talking about how pointless it is to wait for SEC to approve something that doesn't need their approval!
i wonder how long would it take before people wake up and start talking about how pointless it is to wait for SEC to approve something that doesn't need their approval!
The delay indirectly is good. In between the time of specualtion BTC will see a increase in demand and gain public support. Chances of it getting approved in ETF will get higher.
This is good. It gives us time to raise more funds to invest more, before the next run to another record high. Just a speed bump. 
It’s will take time that’s no matter I think. That’s the matter early or lately the approved Bitcoin etf’s and these should be effect good one bitcoin obviously.
There is a possibility of SEC approving the Bitcoin-only ETF in the next 18 months. It is not likely that an order approving or disapproving the proposed rule will take effect on September 21
I think it’s a very important decision for SES. It can impact over the whole world. The bitcoin investor, normal people all waiting for this decision. It will change the whole digital currency world. If it approved the price o bitcoin increase also many people want to invest on this sector. I think because of this they take time.
The delay is a good thing. That way, they will have time to further solidify their case and present it as a stronger one. But what the end result will be is still unpredictable. Let us be optimistic about it.
It's hard to be optimistic at this point though, as both of the Winklevii ETF proposals have been rejected. It's good that the SEC commissioner is pro ETF, but it is difficult to think that this delay is a good thing. If I recall, the initial Winklevoss ETF proposal was delayed several times before the SEC finally rejected it. most of these ETFs will be rejected.
Eventually though... There will be an ETF that is approved, and when there is, expect the pump of a lifetime IMO. This will likely happen by 2020 at least. Fact of the matter is, the Bitcoin market is plenty more regulated than what it was several years back. This regulation will increase (KYC for example) as time goes on as well. The SEC will soon no longer be able to use the "lack of regulation" excuse. Starting to think they are afraid of Bitcoin because its a sign of decentralization taking hold.
there were more reasons for rejecting Winklewoss ETF than just lack of regulations. I don't think that was even mentioned although I don't really follow it since it doesn't matter to me that much. I read that one of the main reasons was the fact that they were fully relying on the price of bitcoin from their own exchange and nowhere else but other ETFs are using an average of multiple big exchanges to get the bitcoin price.
I also don't expect a big "pump of a lifetime" from ETF. it is mostly hyped up and that hype is actually preventing the real rise from happening because everyone is waiting for the ETF decision to invest. they fear a rejection can drop the price so they are waiting for that drop to buy cheaper coins or see the rise and then buy missing a chance.
Maybe this decision of the SEC will postpone the bullish trend until September. On the other hand, it may be good if you compare the price chart for gold after the introduction of ETF.
Why would this decision be any different to the Winklevoss twins outcome? The main gripe with Bitcoin ETFs according to them, is the threat of manipulation and I cannot see why this has changed? I think this delay in the decision does not bode well for these applications, because an extension gives them time to prepare for a denial of the application and to properly motivate why they denied it. ^grrrrrr^
The SEC is just buying time to give silly excuses for their denial of these ETFs.
The SEC is just buying time to give silly excuses for their denial of these ETFs.
From my point of view it’s very hard to take decision within very short time. It a vital decision for every one. The popularity of digital currency is increasing also lot of people feel interest to invest here. So SEC took time to make a perfect decision about it. I think it will be approved.
The delay is a good thing. That way, they will have time to further solidify their case and present it as a stronger one. But what the end result will be is still unpredictable. Let us be optimistic about it.
It's hard to be optimistic at this point though, as both of the Winklevii ETF proposals have been rejected. It's good that the SEC commissioner is pro ETF, but it is difficult to think that this delay is a good thing. If I recall, the initial Winklevoss ETF proposal was delayed several times before the SEC finally rejected it. most of these ETFs will be rejected.
Eventually though... There will be an ETF that is approved, and when there is, expect the pump of a lifetime IMO. This will likely happen by 2020 at least. Fact of the matter is, the Bitcoin market is plenty more regulated than what it was several years back. This regulation will increase (KYC for example) as time goes on as well. The SEC will soon no longer be able to use the "lack of regulation" excuse. Starting to think they are afraid of Bitcoin because its a sign of decentralization taking hold.
I think bitcoin ETF will not launch this year because last week, the US Securities and Exchange Commission (SEC) officially rejected the Bitcoin ETF proposal of the Winklevoss twins, who operate Gemini, a major cryptocurrency exchange in the US.
Until this moment. Downtrend trend is still causing psychological and panic for the investor community. However, new moves indicate that the SEC's ability to accept bitcoin ETFs may affect the value of the market.
Hopefully that the decisions to be made by the US government will favor on the system. As we all know that we are benefited on this already. Anyway whatever result it may take we have to respect the decision. As the US government was an influential country so we expect other country to follow as well.
This is a no new news for me. Most probably the ETF decision will be declined by the govt as already declined one. Thus, it made an effect in Direxion's offering which is a bad news. Though RTF declining, the BTC price will rise high as it survived recent hype, as my prediction. The more, we need to wait and see.
The delay is a good thing. That way, they will have time to further solidify their case and present it as a stronger one. But what the end result will be is still unpredictable. Let us be optimistic about it.
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 have also heard that, the SEC said that it would only receive two comments on the proposed of ETFs. And the crypto community largely seems excited at the prospect of a bitcoin ETF.
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.
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