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SEC postpones Bitcoin ETP decision


The SEC has postponed the resolution of the application filed by Direxion Investment for a series of ETFs designed to track the performance of Bitcoin.

January 4th saw NYSE Arca file a proposed rule change in order to list and trade shares of the ETP Direxion Daily Bitcoin Bear 1X Shares, Direxion Daily Bitcoin 1.25X Bull Shares, Direxion Daily Bitcoin 1.5X Bull Shares, Direxion Daily Bitcoin 2X Bull Shares, and the Direxion Daily Bitcoin 2X Bear Shares.

The proposed rule change was published for comment on January 24th, a longer period for comment was instituted on March 1st and on April 23rd, the Commission instituted proceedings to determine whether to approve or disapprove the proposed rule change, with a deadline of July 23rd.

The Commission reports that it has received two comments on the proposed rule change and has now postponed its decision to September 21, 2018 as the date by which it would either approve or disapprove the proposed rule.

Specifically, the Commission instituted proceedings to allow for additional analysis of the proposed rule change’s consistency with Section 6(b)(5) of the Act, which requires, among other things, that the rules of a national securities exchange be ‘designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade,’ and ‘to protect investors and the public interest’.

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