The SEC in a separate notice invited “any party or other person” to file the statements either in support or rejection of proposed BTC ETFs by Oct. 26.
The blockchain is a powerful ideology that transgresses systems of control bringing power in to the hands of people who did not previously have the power with respect to asset classes.

The society is geared towards the “I am in it for the technology” attitude.  Security is the very basic thing for cryptocurrency.  Transparency and clarity of information is very important for anyone who looking for entry into this industry.

As reported earlier, the SEC is reviewing its decision about rejecting the 9 ETF proposals immediately a day after it disapproved it.  The regulator identified that these products were not compliant with the requirements set forth by “Exchange Act Section 6(b)(5)” particularly so with respect to the rules that were meant to prevent fraudulent and manipulative practices and acts.

About 9 different ETFs that were proposed by three different applicants will be affected according to the documents filed by SEC on October 04, 2018.  The new amendment will particularly affect BTC ETFs submitted by Proshares with respect to the NYSE ETF Exchange NYSE Arca.  They have made two submissions.  About five submissions from Direxion will as well be affected, which is also about listing on NYSE Arca.  Two proposals from Graniteshares will be affected for listing on CBOE.

For instance, GraniteShares are a short fund that is focused in providing investment results on an everyday basis, which will correspond to -1x of the daily performance by Benchmark Futures Contract for a single day.

As a short Bitcoin Futures Contract, the short fund seeks to benefit from the daily decrease in price of the Bitcoin Futures Contract. The short fund will lose value when the price of the Bitcoin Futures Contract would increase.

The nature of the funds have been put to question because under normal market conditions, each fund will hold all of its funds in the form of contracts, cash or cash equivalents.  The value will be used to collateralize in a way to achieve the investment objective.

Since these funds intend to invest in their respective asses in the Benchmark Futures Contract, the fund will invest in other exchange listed Bitcoin future contracts as well.

The notice has defined the intricacies to be followed for investment strategies, policy considerations, net asset value, shares, availability of information, initial and continued listing, trading halts, trading rules, surveillance, information circular, statutory basis, solicitation of comments and several other legal facets.

The prior disapproval will continue to be in force pending further reports after the commission’s review.