All Eyes on the SEC to Approve or Disapprove ProShares Bitcoin ETF


U.S Securities and Exchange Commission (SEC) to Approve or Disapprove ProShares Bitcoin ETF

ProFunds Group’s ProShares is currently waiting upon the U.S SEC’s decision to their proposal for a bitcoin exchange-traded funds (ETF). Known for being the leading provider of ETFs, ProShares first filed for the request in September 2017 and it has been revealed that the SEC has until August 23 to either approve or disapprove it. As per Coin Speaker’s reporting, if SEC goes for it, then the ETF will be assessed via SEC-supported exchanges such as Cboe and CME.

In regard to the details regarding the proposal, ProShares indicated its plans to reach an offering price of $1 million, which according to the firm will be accomplished given that each ETF was traded at $25 per share. During the time the proposal was made, bitcoin futures were not matured enough, hence the notion of “assurance” did not exist.

This is not to say that ETFs will be disregarded altogether, as American attorney, Jake Chervinsky took to his social media account on Friday, August 17 to breakdown its significance., Chervinsky also pointed out that it will be SEC’s first sound decision on ETFs (i.e. without postponing the matters to a later date). The following is what the attorney shared via his Twitter:

 

This is not the first time SEC is presented with an ETF proposal, as it denied appeal to the Winklevoss Bitcoin ETF and postponed it until the end of September. However, many believe that ProShares has an advantage against that of the Winklevoss brothers’ ETF, as the former is associated with SEC-acknowledged exchanges, whereas the latter prefers its Gemini platform to be utilized.

Not all SEC officials seem to be against ETFs, as SEC Chairman, Hester Pierce is believed to have been for the Winklevoss ETF. He described the SEC’s actions as “undermining investor protection by precluding greater institutionalization of the bitcoin market,” adding that the Commission’s interpretation and application […] sends a strong signal that innovation is unwelcome in our markets.”

How do you see SEC’s decision playing out in this case? Will they be for or against the ProShares Bitcoin ETF? Let us know!

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