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SEC Decision on Direxion Bitcoin ETFs Postponed

The Securities and Exchange Commission (SEC) has postponed its planned review of the Direxion Bitcoin ETFs for at least two months.

Bitcoin ETFs
Source: Shutterstock

The government agency said that its review of the investment firm will be reviewed again on September 21 as it needs more time to make a decision on the matter. The news was made public through an official document that was released by the U.S. Government Publishing Office on Tuesday, July 24.

The U.S. SEC said in an announcement that its decision to delay the review of the Bitcoin ETFs was “appropriate” and in only currently affects the Direxion offering. “The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider this proposed rule change,” it states.

“Accordingly, the Commission […] designates September 21, 2018, as the date by which the Commission shall either approve or disapprove the proposed rule change[.]” Ahead of Tuesday’s news regarding whether or not Bitcoin ETFs would hit the market saw Bitcoin prices climb consistently, rising more than $2,000 per unit over the last month (from $6,149.99 per unit on June 24 to $8,240.01 per unit on July 24).

This isn’t the first time an investment firm pushing for a Bitcoin ETF has faced a roadblock as just last week, VanEck, which failed to attain approval to roll out a fund last year, said that the SEC expressed “concerns” regarding its product due to legal reasons.

VanEck plans to partner with SolidX on a new offering, the two companies announced in June.

Article printed from InvestorPlace Media, https://investorplace.com/2018/07/bitcoin-etfs-direxion/.

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