Another BTC ETF Withdrew Application from SEC
Reality Shares ETF Trust submitted an application to the SEC to create a bitcoin exchange-traded fund earlier this week. A few days later, the company withdrew the proposal due to the requirements of the regulator’s staff. Reality Shares ETF Trust is a Blockforce Capital subsidiary. A few days ago, the company filed to the Securities and Exchange Commission (SEC) a request to create a BTC ETF, which aims to invest money in bitcoin futures without physical delivery of the asset.
But now the company has withdrawn the application. According to Reality Shares, SEC employees themselves called for it.
Reality Shares Lawyer told CoinDesk that the company filed an application according to the Investment Company Act of 1940. Under this law, the SEC is obliged to automatically approve the application within 75 days. But the regulator staff decided that the company's proposal was not subject to this article and made Reality Shares withdraw the bid.
Over the past year, the SEC has rejected more than 10 applications for the creation of BTC ETF from various companies. But SEC Commissioner Robert Jackson is sure that sooner or later some company will comply with all the requirements, and, accordingly, the regulator will approve its proposal.