The SEC forced the three companies to withdraw the application for a Bitcoin ETF


Company ProShares, Raffety Assets Management and VanEck withdrew their applications for exchange traded funds (ETF) tied to the exchange rate of bitcoin, on the recommendation of the Commission on securities and exchange Commission (SEC). According to representatives of Raffert, SEC «expresses concern about the liquidity and valuation» of the underlying asset.

None of the withdrawn application is not a Bitcoin ETF. The actual Bitcoin ETF is seen as the Holy Grail of the ruling financial recognition, because for this you will need to purchase bitcoins for real «return» of investments in ETFs. All withdrawn applications associated with the futures market for bitcoin. Nevertheless, the proposed Bitcoin ETF approved the Bitcoin community that’s going to be a «true Bitcoin ETF».

Cryptocurrency investors believed that they have reason for optimism after the release of regulated futures bitcoin. By refusing the registration Bitcoin ETF Winklevoss, in the beginning of last year, the SEC hinted at approval for Bitcoin ETF in that case, when the regulated futures markets. The reluctance of the SEC to consider the ETF based on the futures market is certainly a concern.

However, according to the head of the Chicago Board options exchange (CBOE) Chris Concannon, the steering wheel slowly, but turning.

«A healthy market is a market of derivatives and ETFs. However, this will require time,» he said.

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