[2017-04-26] DCEBrief - SEC Agrees to Review Decision Rejecting Winklevoss ETF

[Chase]

SEC Agrees to Review Decision Rejecting Winklevoss ETF

https://dcebrief.com/sec-agrees-to-review-decision-rejecting-winklevoss-etf/

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[fred21]

WHEN THE DECISION WILL BE MADE?

thanks

[Chase]

WHEN THE DECISION WILL BE MADE?

thanks

I don't think anyone knows.

It took them 3 years to say "no" - let's hope "yes" isn't so time consuming!

[Baofeng]

WHEN THE DECISION WILL BE MADE?

thanks

“On March 24, 2017, pursuant to Rule 430 of the Rules of Practice, BZX filed a petition for review of the Disapproval Order. Pursuant to Rule 431 of the Rules of Practice, BZX’s petition for review of the Disapproval Order is granted. Further, the Commission hereby establishes that any party to the action or other person may file a written statement in support of or in opposition to the Disapproval Order on or before May 15, 2017.”

So I guess after May 15, 2017 they will release their decision whether Coin ETF will be accepted or rejected (most likely).

[jaberwock]

In the meanwhile, the backlog of unconfirmed transactions is nearing 170000. The same issue happened before the last ETF decision. Just a coincidence?

Also this ransonware stuff, of course they will use it as an excuse for another denial

[richardsNY]

In the meanwhile, the backlog of unconfirmed transactions is nearing 170000. The same issue happened before the last ETF decision. Just a coincidence?

Also this ransonware stuff, of course they will use it as an excuse for another denial

I don't have high hopes for a status change of this ETF review anyway, but I am sure that everything to a certain extent will be taken into consideration. Don't forget that certain entities don't (yet) want whatever ETF to be approved as that would lead to a massive increase eventually. I wouldn't be surprised if things are being manipulated by certain entities to make Bitcoin look bad -- all to raise the chances of this ETF remaining its rejected status.

[Chase]

WHEN THE DECISION WILL BE MADE?

thanks

“On March 24, 2017, pursuant to Rule 430 of the Rules of Practice, BZX filed a petition for review of the Disapproval Order. Pursuant to Rule 431 of the Rules of Practice, BZX’s petition for review of the Disapproval Order is granted. Further, the Commission hereby establishes that any party to the action or other person may file a written statement in support of or in opposition to the Disapproval Order on or before May 15, 2017.”

So I guess after May 15, 2017 they will release their decision whether Coin ETF will be accepted or rejected (most likely).

Unfortunately, it is going to take longer than that - May 15th is the last day that anyone can submit a written statement to show their support for or against approving the ETF.

I don't have high hopes for a status change of this ETF review anyway...

You are probably right - nothing has changed in the reasons that made them say no the first time. 

[pixie85]

In the meanwhile, the backlog of unconfirmed transactions is nearing 170000. The same issue happened before the last ETF decision. Just a coincidence?

Also this ransonware stuff, of course they will use it as an excuse for another denial

I've just read that ransomware is no longer a problem.

As for the unconfirmed transactions I'm sure the SEC won't care about that. They aren't there to review Bitcoin as a payment system, but the ability of the ETF to protect customers from manipulation and losses. They haven't been able to provide such protection before and won't be able to do it now.

[coolcoinz]

It doesn't seem like they will accept it. My wild guess is they put a lot of pressure on them via expensive lawyers and possibly the recent rise of acceptance around the world, so the SEC agree to take another look. What they failed to do is find answers to all the problems the Commission found when it reviewed the case.
If it goes through there will be some serious money involved.

[Baofeng]

WHEN THE DECISION WILL BE MADE?

thanks

“On March 24, 2017, pursuant to Rule 430 of the Rules of Practice, BZX filed a petition for review of the Disapproval Order. Pursuant to Rule 431 of the Rules of Practice, BZX’s petition for review of the Disapproval Order is granted. Further, the Commission hereby establishes that any party to the action or other person may file a written statement in support of or in opposition to the Disapproval Order on or before May 15, 2017.”

So I guess after May 15, 2017 they will release their decision whether Coin ETF will be accepted or rejected (most likely).

Unfortunately, it is going to take longer than that - May 15th is the last day that anyone can submit a written statement to show their support for or against approving the ETF.

I don't have high hopes for a status change of this ETF review anyway...

You are probably right - nothing has changed in the reasons that made them say no the first time. 

Ok thanks for pointing that out. I think after May 15th, we have to wait more? Months maybe? Oh well, I think SEC will rejected it a second time around. If we are lucky and it was approved, they for sure more cash will flow into the system that will push the price to rise going forward.