SEC Set to Review Bitcoin ETF Rejections

This story is based off of a Coindesk report.

As previously reported, the SEC rejected the proposal for nine Bitcoin ETFs on Wednesday.

According to the rejection letters, the SEC will be reviewing the orders, although they have not given a timeframe as to when the reviews will be finished.

SEC secretary Brent Fields wrote in a letter to the denied, “This letter is to notify you that, pursuant to Rule 43 I of the Commission’s Rules of Practice, 17 CFR 20 I .43 1, the Commission will review the delegated action. In accordance with Rule 431 (e), the August 22 order is stayed until the Commission orders otherwise.”.

Fields goes on to say that the parties will be notified if there is any further action taken by the SEC.

Hester Peirce, commissioner of the SEC dissented from the denial of the Winkelvoss ETF that was denied in July 2018, and recently followed up the recent denials saying, “Yesterday’s staff orders disapproving SRO rules related to a number of bitcoin ETFs are stayed pending Commission review”.

Peirce went on to clarify, “In English: the Commission (Chairman and Commissioners) delegates some tasks to its staff. When the staff acts in such cases, it acts on behalf of the Commission. The Commission may review the staff’s action, as will now happen here”.