The saga of the ETF on Bitcoin and cryptography continued, the SEC recently revealed that it would reconsider nine proposals that were rejected on 23 August. As reported by Ethereum World News, nine ProShares, Direxion and GraniteShares ETF applications were rejected yesterday in a triple hit to the cryptic investors' stomach, with the SEC citing manipulation concerns and a lack of "size" markets. significant "to support the spot price of BTC.
However, with a recent development underscored by CoinDesk, the US Securities and Exchange Commission "will review" disapproval orders, in a so-called "stay" process.
BREAKING: The US Securities and Exchange Commission states that it will "review" Wednesday's rejection orders for 9-bitcoin ETFs. Pending the outcome of the review, the three orders of 22 August were stopped. History to come.
– CoinDesk (@coindesk) 23 August 2018
SEC Commissioner Hester Peirce, encrypted "inside woman" in legacy systems, announced that yesterday's orders would be revised in accordance with Rule 431 of the Rules of good practice of the Commission.
Yesterday's staff orders that disapprove of the SRO rules for a number of bitcoin ETFs are pending pending review by the Commission. See, for example: https://t.co/Ky9Z8t1E4q
– Hester Peirce (@HesterPeirce) 23 August 2018
Simplifying the explanation of the rule, Pierce, who was nicknamed & # 39; CryptoMom & # 39; from the community, noted that the Commission can often review the actions taken by its staff. Elaborating, the SEC commissioner wrote:
In English: the Commission (president and commissioners) delegates some tasks to its staff. When staff acts in these cases, it acts on behalf of the Commission. The Commission could review staff action, as will now happen here.
With this move, Hester Peirce cemented as a sort of proposing crypto, while she vehemently opposed the recent SEC decision to disapprove Winklevoss Twins ETF supporters for the second time.
Crypto Market imposes itself on the update of the SEC
As a result of this new development, the crypto market has seen a rapid rise to the upside, with Bitcoin quickly seeing a gain of $ 150, from $ 6,400 to $ 6,500 within a matter of minutes.
Altcoins followed Bitcoin and currently earns almost identical to the market leader. At present, Bitcoin has found a standing place at $ 6.510 and rises about 3% in the last 24 hours. While this wave of positive price action is welcome, some fear that this will not be enough to bring the crypto-market back to a state of "FOMO".
This is a developing story, so Ethereum World The news will keep you updated.
Photo by Joakim Honkasalo on Unsplash