On August 22, the US Securities and Exchange Commission (SEC) declined nine Bitcoin ETF proposals: two from ProShares, five from Direxion and two from GraniteShares. All nine of these Bitcoin ETFs were based on Bitcoin futures, and not supported by a “physical” currency (like with VanEck / SolidX Bitcoin requests).
The Commission used overall the same reasoning in all three responses of objection.
The SEC has rejected *all* of the pending derivative-backed bitcoin ETF proposals from ProShares, GraniteShares, and Direxion.
I expected the ProShares rejection this week, but final decisions on GraniteShares and Direxion weren’t due until September 15 and 21 respectively. Wow.
— Jake Chervinsky (@jchervinsky) 22 августа 2018 г.