SEC Delays Decision on BTC-ETF Direxion to September
July 25, 2018
One of the US financial economic regulators, the Securities and Exchange Commission (SEC), has claimed, it is not ready so far to voice the decision on a number of bitcoin-involving exchange-traded funds (ETF). The Commission spokesmen told, they plan to declare it by early autumn this year.
The regulator puts off the decision about statements by the organization named Direxion Invest. that describe methods related to the major cryptocurrency and some other ones.
SEC member pointed out that today the Commission needs time to take a decision on licensing the company as they have to review submitted documents and a number of changes described there. The decision on granting a license to Direxion Invest. will be voiced on or before September 21 this year.
It is noteworthy that crypto community took ambiguous stance towards the matter. For instance, Michael Cohn, chief investment analyst at Atlantis Asset Management, told in the interview, he believes approval and further adopting of such standards to be a disaster.
Michael Cohn explains:
“Then they're putting a rubber stamp on it as an asset, and I don't think governments want to go there yet. It just seems as though it's not something I'd want to put my clients into in any way, shape or form. You can only be embarrassed”.
Cohn also stressed that he regards these changes as absolutely unreasonable as this is insane to invest somebody’s funds to this project.