SEC Requests More Comments on CBOE Verdict on Bitcoin (BTC)

21 September, AtoZ MarketsThe U.S Securities and Exchange Commission has demanded further comments with regard to its verdict the Chicago Board Options Exchange filed on the exchange-traded fund for Bitcoin, on the 20th of September.

SEC published on its website a statement, reading: “Pursuant to section 19(b)(2)(B) of the Act, the Agency is providing notice of the grounds for disapproval under consideration. The SEC is instituting proceedings to allow for additional analysis of the proposed rule change’s consistency with Section 6(b)(5) of the Act, which requires among other things, that the national securities exchange’ rule ‘be designed to prevent manipulative and fraudulent practices and acts, to promote equitably and just principles of trade’ and also to protect investors and their public interest.”.

SEC added that it is seeking further comments to “address the sufficiency of the statement of the trading platform in support of the application,” highlighting the eighteen major areas in their document.

Observers see that, it would be the second time SEC have postponed making a verdict on the Bitcoin (BTC) ETF proposal from CBOE, If the SEC ends up delaying the proposal, as it is expected that the final ruling will be delayed until February next year.

Analysts read that the decision of the SEC on Bitcoin (BTC) ETF has a huge impact on the value of Bitcoin (BTC), the thing that affects the entire digital currency market.

Market professionals expect that if final verdict of the SEC comes in favour of CBOE, and ETF for Bitcoin (BTC) gets approved, the value of the digital currency then will ascend significantly, and altcoins will follow suit.

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