The Commission on securities and exchange Commission (SEC) held a hearing at the request of the company ProShares for the opening of the bitcoin ETF and rejected it.
ProShares wanted to open two ETF: ProShares Bitcoin ETF and ProShares Short Bitcoin ETF. It is noteworthy that the SEC simultaneously rejected several bids from companies and Direxion GraniteShares.
According to the verdict of the Commission, ProShares has not made sufficient changes for the approval of ETF. The offered product still does not have the necessary tools to combat manipulation in the market.
The SEC also clarified that in deciding they did not consider the value and innovation of the bitcoin.
ProShares already tried to open bitcoin ETF a year ago, but the SEC rejected their claim. Even the company doubted whether the idea of working in the realities of the market at the time.
We will remind that the Commission on securities and exchange Commission (SEC) has postponed for a month the consideration of applications to open bitcoin ETF from VanEck, and CBOE/SolidX. In this regard, the cryptocurrency market have plunged into another depression: everyone was waiting for the approval of the ETF and the subsequent explosive growth of quotations.