Breaking: SEC Denies ProShares Bitcoin ETF

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Breaking: SEC Denies ProShares Bitcoin ETF

By Ryan Warner
August 21st, 2018

Breaking: ICNN has just been made aware that the proposed ProShare Bitcoin ETF has been denied by the SEC.

Though for those following the SEC's recent decisions on all things Bitcoin ETF this comes as no surprise it is yet to be seen what kind of effect on the price of Bitcoin this will have. Part of the SEC decision reads:

"This order disapproves the proposed rule change. Although the Commission is disapproving this proposed rule change, the Commission emphasizes that its disapproval does not rest on an evaluation of whether bitcoin, or blockchain technology more generally, has utility or value as an innovation or an investment. Rather, the Commission is disapproving this proposed rule change because, as discussed below, the Exchange has not met its burden under the Exchange Act and the Commission’s Rules of Practice to demonstrate that its proposal is consistent with the requirements of the Exchange Act Section 6(b)(5), in particular the requirement that a national securities exchange’s rules be designed to prevent fraudulent and manipulative acts and practices. Among other things, the Exchange has offered no record evidence to demonstrate that bitcoin futures markets are “markets of significant size.”