The U.S. Securities and Exchange Commission (SEC) announced Thursday that it has begun proceedings to decide whether to approve a proposed bitcoin exchange-traded fund (ETF).
The SEC published an "order instituting proceedings to determine whether to approve or disapprove a proposed rule change" filed by Cboe BZX Exchange, Inc. If approved, Cboe would have the green light to list a bitcoin ETF pitched earlier this year by money management firm VanEck and crypto startup SolidX.
As part of that process, the SEC wants more input from the public – to date, according to the agency, more than 1,400 comments have been submitted.
When the bitcoin price is recovering and trying to maintain a balance, that's when there is always a pending ETFs proposal is always coming to the fold and I begin to wonder, how .any ETFs proposals was submitting in the first place because as one is being denied, it seems there is still more waiting to be denied as well.
The people submitting these proposals are in my opinion contributing to the massive volatility that is happening in recent times. They should just take a shill pill and allow the .market to recover fully, go back to their own drawing board then do a detailed analysis as to why the others are being rejected before submitting another proposal which would likely go the ways of others.