Direxion Asset Management has been pushing for the approval of five Bitcoin-related exchange-traded funds. The US Securities and Exchange Commission haven’t decided on the matter yet. It has made a statement announcing the rescheduling of its decision to September.
A close outlook into the matter
It was in January that the New York Stock Exchange submitted these ETF proposals. The filing focuses on a number of matters. One of them is about the allocation of funds to investors. Most of them are eager to gain exposure on the various US exchanges and their associated bitcoin futures contracts. The trading is done across platforms such as Cboe Global Markets, Chicago Mercantile Exchange and many more spread out across the United States.
A lot of discussions are going on in line with the leveraged ETFs. It still remains uncertain whether or not they will be given a green light by the SEC. Anytime from now they will be listed on the NYSE Arca platform. These ETFs will pay a huge deal of focus on ‘investment results.’
The turn of events
Many at times, it takes the regulatory body 45 days to make its decision. However, an official report was recently unveiled by the US Government Publishing Office. It outlined that the agency was still making its final touches. If matters play out according to plan, its ruling will most probably be made on September 21.
It is understandable that there are instances where the commission might be compelled to take longer to either approve or disapprove anything thing before it. The best decisions are usually made when there is sufficient time to make them. Parties interested in the matter are making a close follow up. They seek to establish how this agency decides upon the proposed rule change.
As per this moment it is still difficult to tell which way the agency will go. SolidX , a blockchanin company and VanEck which is a money management company have expressed their stand. They won’t be supporting futures in the listing of ETF. Instead, they will be in favor of the actual Bitcoins. A lot of hype in inline with the filing is currently being experienced within the crypto community.