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Saturday, March 11, 2017

SEC Rejects Rule Change for Bitcoin ETF

SEC Rejects Rule Change for Bitcoin ETF

The U.S. Securities and Exchange Commission (SEC) today issued an order disapproving the proposed rule change to list and trade Coin ETF on the Bats BZX Exchange. This is the first Bitcoin ETF which the SEC has ruled on. Two other Bitcoin ETFs are also being considered by the Commission.

The SEC has just published an “Order Disapproving a Proposed Rule Change, as Modified by Amendments No. 1 and 2, to BZX Rule 14.11(e)(4), Commodity-Based

Bats BZX Exchange filed the proposed rule change with the Commission on June 30, 2016, which was subsequently published in the Federal Register on July 14. Almost 240 days later and 59 comments received, the SEC finally made a decision. In its order, after recapping the filing history, the Commission wrote:

"IT IS THEREFORE ORDERED, pursuant to Section 19(b)(2) of the Exchange Act, that the proposed rule change (SR-BatsBZX-2016-30), as modified by Amendments No. 1 and 2, be, and it hereby is, disapproved."

Full story at




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