Bitcoin ETF review passes key submissions deadline

The deadline has passed for the public submission of comments to the SEC about the nine pending bitcoin ETF applications that were initially dismissed in August. These were submitted by three different applicants: two from ProShares, in conjunction with the New York Stock Exchange (NYSE), five from Direxion, and the remaining two from GraniteShares.

As for the Van Eck SolidX Bitcoin ETF application, which received more than 1,400 comment letters from the public, a decision date has been set for December 29th.

All of these applications were initially rejected over concerns of potential fraud and market manipulation, with the ProShares disapproval claiming that "the products did not comply with the requirements by the "Exchange Act Section 6(b)(5), in particular the requirement that a national securities exchange’s rules be designed to prevent fraudulent and manipulative acts and practices."

Only 24 hours later, however, SEC Commissioner Hester M. Peirce took to Twitter to explain that the resolution was reached by SEC officials who had been delegated the task by the Chairman and Commissioners, who would have to review their action.

Finally in October, a date was set of November 5th as a deadline for any party or person wishing to file a statement in support of, or in opposition to, the action by the delegated authority of the division.

While there remains no definite deadline for the nine Bitcoin ETFs in question, with public comments now received and submissions closed, market attention will focused on the December 29th Van Eck announcement, with decisions on the remaining applications expected soon after.