Investment firm Direxion has had the review of its Bitcoin exchange-traded fund 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 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.
"Accordingly, the Commission designates September 21, 2018, as the date by which the Commission shall either approve or disapprove the proposed rule change[.]". Bitcoin prices had continued to climb through Tuesday amid mixed consensus about whether the potential for an ETF go-ahead was fuelling markets.
Last week, VanEck, another operator who failed to win favor to launch a fund last year, addressed the SEC's "Concerns" about its potential product, arguing it fell within established legal frameworks.
VanEck plans to partner with SolidX on a new offering, the two companies announced in June.
US SEC Delays Decision on Direxion Bitcoin ETF Until September
Published on Jul 24, 2018
by Cointele | Published on Coinage
Coinage
Mentioned in this article
Recent News
View All
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.