SEC to “Review” Bitcoin ETF Rejections

The United States Securities and Exchange Commission (SEC) has stated it will reassess the disapproval orders issued on Wednesday against nine Bitcoin exchange-traded funds (ETFs).

The SEC, in three sets of orders released on Wednesday, recently rejected filings submitted by three companies namely Proshares, GraniteShares, and Direxion. The letters state that SEC officials will now review those rejection orders. However, it remains unclear as of late when the review will be completed.

In a correspondence addressed to David De Gregorio, NYSE Group senior counsel, SEC secretary Brent Fields writes:

“This letter is to notify you that, pursuant to Rule 43 I of the Commission’s Rules of Practice, 17 CFR 20 I .43 1, the Commission will review the delegated action. In accordance with Rule 431 (e), the August 22 order is stayed until the Commission orders otherwise.”

Fields further states:

“The Office of the Secretary will notify you of any pertinent action taken by the Commission.”

Two other letters have been sent including one forwarded to the NYSE Group and CBOE Global Markets.

SEC Commissioner Hester Peirce has announced the latest development. Last month, the SEC commissioner notably dissented from a decision that saw the SEC’s second denial of investors Cameron and Tyler Winklevoss’ proposed Bitcoin ETF.

In a Twitter post, Peirce explains the upcoming stages as the agency reviews the decisions.