The US Security and Exchange Commission rejected 9 bitcoin ETF applications recently, which were submitted by three companies.
The disapprovals came even earlier than it was expected.
ProShares have already got two approvals, but the two others were rejected. Further, followed five more rejections, from Direxion, and they were for the listing on NYSE Arca, as well as two more proposals for listing on CBOE. The last proposals were submitted by GraniteShares.
Regarding these disapprovals, the commission states, that they have to disapprove the proposed changes as the offered rules haven’t met any rules that are set up by the Exchange Act and the Commission Rules of Practice. So, they failed to demonstrate that they meet the requirements that should prove that there are no fraudulent or manipulative practices.
SEC states once more, that due to the increase of cases of fraudsters and manipulations in the crypto-world, they are imposing stricter rules to new and existing tokens and coins.