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.

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Steve Kanaval: Portfolio Manager/Writer/ Market Analyst Steve began his career in the Trading Pits in Chicago making markets at the Chicago Mercantile Exchange (NYSE:CME) the Chicago Board of Trade and the CBOE in the early 80’s. He ran the Morgan Stanley Derivative Prop Trading for the firm specializing in Index Arbitrage. He continued his career as a Trader/Portfolio Manager for multiple Hedge Funds during the Internet Boom of the 90’s managing large portfolios. Steve is known as an expert in MicroCap Technology Stocks and the emerging Digital Currency markets as a Portfolio Manager for his Family Office. Steve has managed portfolio’s in volatile asset classes for 3 decades as a commodity trader, hedge fund manager and digital currency trader and miner. Steve publishes his views on the asset classes in a public forum and has published more than 10,000 articles simplifying these complex and volatile assets for readers. His work is published on multiple sites including Bloomberg,,, CryptoCurrencyNews as a paid contributor. His work includes research, journalism and archived video on important market volatility related to stocks, digital currency and other volatile misunderstood asset classes. He offers a humorous, unique insight and the related back stories and drivers for readers interested in volatility and emerging market assets. Full disclosure Steve is long 25 digital currencies and sits on the board of multiple public companies involved in digital currencies, and owns shares in these companies from time to time.