In August, the SEC announced that it would review the denials of Bitcoin (BTC) ETF proposals made by ProShares, GraniteShares and Direxion, as the original decisions were actually made staff members and not the actual Commision.
According to recent SEC filings, the deadline for comments regarding the decision has finally come, and all statements must be submitted by November 5. These statements can be for or against the original decision to deny the combined 9 ETFs.
In the week leading up to the deadline, the price of Bitcoin has been in a steady uptrend after bottoming out around $6,250. Now, the price is trading above $6,400, as it approaches the $6,500 level.
Interestingly, this is the exact same price range that Bitcoin was trading in back in August when the decision for a review on the ETFs was initially made.
There is currently no timeline for the actual confirmation or reversal of the original decision, as only comments are due today, but the highly-anticipated outcome will likely help bring volatility back to the crypto market, which has been notably stable in recent weeks.
More: SEC Notice
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.