SEC Further Delays ETF Application by NYSE Arca
Recently, the SEC has made another decision to delay the approval or disapproval of NYSE Arca’s ETF listing of Direxion. In regards to the decision surrounding their BTC based exchange-traded funds, the government watchdog has yet to finalize any decision.
Two More Months
A published notice on the 24th of July by the SEC, the United States committee responsible for overseeing securities and exchanges. A decision was made to push back the possible approval or disapproval and a new change to the rules may provide NYSE Arca with a chance to finally be listed and begin trading Bitcoin ETF’s. The decision is meant to be made by this coming September.
The company’s application was submitted to the SEC earlier this year in January. The NYSE is currently awaiting approval for ETF trading and listing related to BTC, including bull and bear shares on Direxion which the company is looking to operate with. Exchange-traded funds may also find themselves at the center of betting on BTC prices. Another possibility is that a few exchange-traded funds may permit and provide long-term leveraged positions among traders and the highs and lows of the coin would be multiplied for speculators willing to take risks.
Earlier this year, during March, a news agency released reports that the ESMA had published restrictions of leverage in terms of cryptocurrency contracts, including binary and difference and as of now, no indication by the SEC to adopt likewise standards have been made.