US SEC Delays Decision on Direxion Bitcoin ETF Until September

[Harrisonimo]

Investment firm Direxion has had the review of its Bitcoin exchange-traded fund (ETF) application postponed until September 21. The news about the delay comes from an official document released by the U.S. Government Publishing Office July 24.

An announcement from the U.S. Securities and Exchange Commission (SEC) said it was “appropriate” to delay its decision, which only affects Direxion’s offering.

“The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider this proposed rule change,” it states.

A lot of us now have our fate anchored on the SEC's decision of allowing the funds inflow into the cryptocurrency markets; all in the bid to bring an uplift. Well, delay is not denial as we still await the 21st of September!

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[Astrilian]

Everyone seems so excited about the launch of bitcoin ETF. But can anyone guide me to understand whether the proposed ETF by Direxion is a synthetic or a physical one?

If it is a physical one, we have a reason to cheer because large buy orders will follow as soon as the ETF is approved by SEC. These coins will be removed from circulation pushing the price higher.

However, if it is a synthetic one, the community will have no reason to cheer because no physical bitcoins will be bought by the ETF management. So before cheering about the proposed ETF by Direxion, we need to know the truth. Can anyone point me to the right documentation here?

I went through a lot of articles and documentation but did not find anything related, with one exception. The Cboe filing included a second going that covered Security. For instance if a private or corporate investor should loose the private key to the wallet. Not sure about you but this sounds real enough for me.

[joerogers8]

The SEC is simply manipulating the market with all this drama and hoopla.  Them and their boys are piling in right now.  Once their bags are full (hopefully in September) they all blast off.  You know it's going to happen.  Just need the right coins. 

[Roberttran]

The SEC is simply manipulating the market with all this drama and hoopla.  Them and their boys are piling in right now.  Once their bags are full (hopefully in September) they all blast off.  You know it's going to happen.  Just need the right coins. 

The SEC has continued to refuse 9 ETF applications and I have never waited for a good result from the SEC. And the SEC was just a shark trying to manipulate the crypto market.

[Astrilian]

The SEC is simply manipulating the market with all this drama and hoopla.  Them and their boys are piling in right now.  Once their bags are full (hopefully in September) they all blast off.  You know it's going to happen.  Just need the right coins. 

I have not read theory before and yes it sounds outlandish first but giving it a second thought, it's a possibility we can not completely rule out and it would explain a few things too!

[spartanrules]

Typically, the price of any asset reflects all the news around it, which accordingly affects the results of technical analysis. And that's why according to my knowledges on technical analysis I think that Bitcoin will continue to fall in this year by the middle of the next year. So I expect that ETF will not be approved by SEC.

[supelle.born]

If the SEC approves the bitcoin-based ETF, a new step for bitcoin to be seen as a fit investment for large investors and institutional investors

[Stephen.88]

I was not surprised to hear of this, it seems quite interesting. I really see this happening, they will get frustrated with their decision, they know that electronic money is needed and they can not refuse it.

[Daltonik]

After receiving refusals from the SEC in 2018, Direxion again submits an application to the SEC for approval of an ETF aimed at extracting profits from opening short positions on bitcoin futures traded on CME. The Direxion Bitcoin Strategy Bear ETF will also be able to invest in other bitcoin-based exchange-traded funds, money market funds, deposits or short-term debt market instruments.

source: https://www.sec.gov/Archives/edgar/data/1424958/000119312521308123/d248159d485apos.htm