[2018-08-24] The SEC Admitted Being Too Hasty When Rejecting Bitcoin ETFs

[Thadeous]

The SEC Admitted Being Too Hasty When Rejecting Bitcoin ETFs

As we reported not so long ago, the US Securities and Exchange Commission surprised everybody by taking the decision on Bitcoin ETF proposals earlier than planned. However, the companies that filed the proposals were not so happy, since they all received an indisputable “no” from the SEC.

It seemed like the topic could be closed for good, but there is now a new twist to the story. The Commission changed its mind. According to the American lawyer Hester Peirce, it sometimes happens that the regular staff of SEC take decisions, and the senior officers then find it necessary to review and even change them.

There is currently no information on when the abovementioned review will take place.

https://thecoinshark.net/the-sec-admitted-being-too-hasty-when-rejecting-bitcoin-etfs/

[darkangel11]

I don't think they will approve them after this review. This would undermine their abilities if they said "oops, we made a mistake". They will review it all again to find more detailed way to describe the reasons for rejecting them in the first place. That's all. Also, this most likely won't be done before the decision on VanEck ETF, the most important of them all because it's the biggest and it's going to hold BTC not only speculate on the price of futures. So, let's wait and see what happens next month.
My bet? VanEck decision will be postponed and the rest denied.

[snipie]

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

It is a move to calm down the companies and to let everyone think that the decision is taken wisely which is not the case of course. I expect another rejection as darkangel11 stated

[Kakmakr]

I would just ignore these C@ckteasers, because that is what they are doing. They keep the door open just wide enough to give people hope that they might accept a SEC application and then they shut the door in their faces. The SEC has a clear agenda with these games and that is to frustrate Bitcoin hoarders.

They think they can manipulate the Bitcoin price, by playing these games, but the last rejection hardly had any impact on the price, because the speculators has picked up on what they are doing. 

[rodskee]

Sad for for ETF disapproval  of the US security amd exchange commission
And i know the final decision is on September SEC continue to study and review the appeal proposal for ETF
Hope have an good news expectation from the decision next month.

[DaveWave]

Sad for for ETF disapproval  of the US security amd exchange commission
And i know the final decision is on September SEC continue to study and review the appeal proposal for ETF
Hope have an good news expectation from the decision next month.

With the latest statement on SEC to consider some reviews on the previous rejections this will probably lead to September approvals and who knows it may include those previous applications that were rejected already.

[Karisma Black]

You can be sure they'll wait as long as possible before approving any ETF.

[buwaytress]

I would just ignore these C@ckteasers, because that is what they are doing. They keep the door open just wide enough to give people hope that they might accept a SEC application and then they shut the door in their faces. The SEC has a clear agenda with these games and that is to frustrate Bitcoin hoarders.

They think they can manipulate the Bitcoin price, by playing these games, but the last rejection hardly had any impact on the price, because the speculators has picked up on what they are doing. 

You bet they know what they're doing! They know they will never approve these ETFs. At least not this year until they properly get to grips with Bitcoin and crypto (I bet you the Commissioners are spending sleepless nights poring over reports and hiring blockchain people to fill them in).

But they're staying their decisions now only because they know they also have to present themselves a little less harsher. What with them opening up applications for public comments, their own Commissioners speaking out and probably half of them also already surreptitiously dipping into Bitcoin. They've got to present at least a partiality to reconsider, if not soften their stance down the line.

What "upsets" me is the speculators happy to make money off these moves. Damn them

[gentlemand]

This is no different from the Winklevoss one. If there is to be a review of any decision it'll be dragged out until another no arrives.

Even if they were desperate to approve one, and they're clearly not, I don't see how they can paper over the gaping lack of accountability in most BTC trading.

[1Referee]

What "upsets" me is the speculators happy to make money off these moves. Damn them

It's easy money. In all cases a rejection or a delay has been followed up by a correction that was more than predictable.

I'll happily short the VanEck ETF decision next month as well, and might even go with a higher leverage multiplier this time (probably 10x). I'm quite sure that the VanEck ETF delay or rejection will cause a more dramatic decrease than what we have seen this week. This week's rejected ETF's were a joke, literally, which might explain why the market didn't really react to it.

The fact that people are so triggered by an ETF just shows how much of a niche product Bitcoin still is. I'll keep supporting the SEC to keep rejecting these ETF's.

[jjacob]

The SEC Admitted Being Too Hasty When Rejecting Bitcoin ETFs

As we reported not so long ago, the US Securities and Exchange Commission surprised everybody by taking the decision on Bitcoin ETF proposals earlier than planned. However, the companies that filed the proposals were not so happy, since they all received an indisputable “no” from the SEC.

It seemed like the topic could be closed for good, but there is now a new twist to the story. The Commission changed its mind. According to the American lawyer Hester Peirce, it sometimes happens that the regular staff of SEC take decisions, and the senior officers then find it necessary to review and even change them.

There is currently no information on when the abovementioned review will take place.

https://thecoinshark.net/the-sec-admitted-being-too-hasty-when-rejecting-bitcoin-etfs/

The SEC seemed to have pre-decided that they wouldn't approve any Bitcoin ETF and then they rejected individual applications. It would be better if they stated that it was a policy decision and then engaged with all stakeholders to find a way forward. The CTFC seems to have a very different view compared to the SEC.

[Kakmakr]

I would just ignore these C@ckteasers, because that is what they are doing. They keep the door open just wide enough to give people hope that they might accept a SEC application and then they shut the door in their faces. The SEC has a clear agenda with these games and that is to frustrate Bitcoin hoarders.

They think they can manipulate the Bitcoin price, by playing these games, but the last rejection hardly had any impact on the price, because the speculators has picked up on what they are doing. 

You bet they know what they're doing! They know they will never approve these ETFs. At least not this year until they properly get to grips with Bitcoin and crypto (I bet you the Commissioners are spending sleepless nights poring over reports and hiring blockchain people to fill them in).

But they're staying their decisions now only because they know they also have to present themselves a little less harsher. What with them opening up applications for public comments, their own Commissioners speaking out and probably half of them also already surreptitiously dipping into Bitcoin. They've got to present at least a partiality to reconsider, if not soften their stance down the line.

What "upsets" me is the speculators happy to make money off these moves. Damn them

Sorry to correct you, but I doubt that they ever had a mandate to approve these ETF applications. The politicians higher up has made the decisions for them, they are just the puppets that are used as a tool to speak for the real decision makers.

A lot of people other than the speculators have realized that and they are shorting the shit out of this now. Fortunately these people can only do this for a short period and then the market start to price in these poor decisions. 

[BitHodler]

The CTFC seems to have a very different view compared to the SEC.

That was then. With everything that happened I don't think even the CFTC would approve an ETF it was a matter within their portfolio. I even think they somewhat regret having allowed Bitcoin futures to be listed.

It was a pretty bad situation that involved prior manipulation and a gigantic sell the news effect. I seriously believe the $20,000 mark was an institutional driven high and not a retail one.

The amount of money that needed to flow in to just eat through the dumps goes beyond anything retailers can even account for. As long as the SEC does its job in "protecting" investors we don't have to go through it again.

[Betwrong]

I don't know why most people are so pessimistic. Even without this news I've been thinking that SEC will approve one Bitcoin ETF or another within 2-3 months. The thing is that they don't want to look like complete idiots acting as a brake on progress. It's not like they are tyrants doing whatever they want. They know full well that if found not able to keep up with the times they may be replaced.

[timerland]

The SEC Admitted Being Too Hasty When Rejecting Bitcoin ETFs

As we reported not so long ago, the US Securities and Exchange Commission surprised everybody by taking the decision on Bitcoin ETF proposals earlier than planned. However, the companies that filed the proposals were not so happy, since they all received an indisputable “no” from the SEC.

It seemed like the topic could be closed for good, but there is now a new twist to the story. The Commission changed its mind. According to the American lawyer Hester Peirce, it sometimes happens that the regular staff of SEC take decisions, and the senior officers then find it necessary to review and even change them.

There is currently no information on when the abovementioned review will take place.

https://thecoinshark.net/the-sec-admitted-being-too-hasty-when-rejecting-bitcoin-etfs/

By now, pretty much no one cares about the result of the ETF anymore.

The approval of one could potentially spark some short term interest in the market again, but beyond that, there is really nothing more that an approval would do. It wouldn't affect any bitcoin users, even, as ETFs are mainly traded by speculators with sufficient capital only.

I don't really see any reason that they would reverse the decision as easily as the article makes it out to be, anyways. The most likely outcome would still be a second rejection.

But really, who cares. SEC rejecting a bitcoin ETF doesn't mean it's rejecting the idea of bitcoin, which is something people have huge misconceptions about. ETFs don't represent bitcoin itself, nor should you care so deeply about the opinion of a single entity anyways.

[Sutters Mill]

By now, pretty much no one cares about the result of the ETF anymore.

I don't think this is the case at all. Lots of people care, and that should be pretty obvious by how much people go on about it here and everywhere else. 

The approval of one could potentially spark some short term interest in the market again, but beyond that, there is really nothing more that an approval would do. It wouldn't affect any bitcoin users, even, as ETFs are mainly traded by speculators with sufficient capital only.

Potentially? It would for certain spark interest and another rally. It would be all over the media which gets bitcoin back into the public eye. I think it's really much bigger than you imagine. Even if it's only short term excitement it is still huge for bitcoin and one of the only things big that could push bitcoin further forward right now or at least something people can look forward to.

I don't really see any reason that they would reverse the decision as easily as the article makes it out to be, anyways. The most likely outcome would still be a second rejection.

I don't think they will either, but it's certainly not going to stop people from having a glimmer of hope.

[beakerno]

The biggest issue now is public opinion. Change that and the outcome will be different.

[yatsey87]

I don't know why most people are so pessimistic. Even without this news I've been thinking that SEC will approve one Bitcoin ETF or another within 2-3 months. The thing is that they don't want to look like complete idiots acting as a brake on progress. It's not like they are tyrants doing whatever they want. They know full well that if found not able to keep up with the times they may be replaced.

I doubt it will be that soon, but I have hope that they will accept it eventually. As others have said they may never approve them though. They might just be too scared or even naive of bitcoin, especially due to the bubble earlier this year. I guess only time will tell but we shouldn't pin all our hopes on this decision though it is certainly something to still hope that happens eventually.

The biggest issue now is public opinion. Change that and the outcome will be different.

I'm not so sure about that. I think it's just whoever is responsible for making the decisions behind the SEC. Public opinion should have little effect on that.

[1BTC EQUALS 1CAR]

Too hasty or they are just paid too much to do it? They are just using these alibis to make people think that they are still somehow "unbiased" on their decisions. Their decisions are already decided even before the ETF proposals created.

[veleten]

they will approve it sooner or later,it is not an easy process ,guess the time is not ripe yet
also the SEC is not some independent libertarian group of individuals,but a federal government agency
pretty much dependant on the state's policy on the matter, the chairmen are appointed by the president, by the way
in any case, ETF or not ,bitcoin should only get stronger (and pricier) and we all should not pin our hopes on ETF,
it will attract investors for sure ,but even without approval the price is more or less stable ,this is a good indicator of a possible bull run by the end of the year