Funds Withdraw Application to Launch Bitcoin ETFs, at SEC’s Request

Updated On Jan 11, 2018 by Cameron Bishop

At the request of US SEC officials, several funds, including ProShares, Raffety Assets Management, and VanEck, have withdrawn their applications related to the launch of Bitcoin ETFs. The decision follows SEC’s concerns over the liquidity and valuation of Bitcoin. The proposals were actually Bitcoin futures ETFs as the reference rate would be based on the price of futures traded in CME and CBOE.

It can be remembered that the SEC had rejected the ETF proposal submitted by the Bitcoin billionaire brothers Winklevoss, last year. The market was expecting the SEC to consider the proposals, following the launch of Bitcoin derivatives by CME and CBOE last month. A successful launch of Bitcoin Futures ETFs would have accelerated mainstream acceptance of the crypto currency.

Cameron works tirelessly behind the scenes ensuring his many US news stories are factual, informative and brought to you in a timely fashion before most other media outlets have them. He is an investigative journalist at heart who also has a fond interest in the money and business markets too.

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