An 180* ETF Shift?

Well dear readers, in a surprise move, the U.S. Securities and Exchange Commission (SEC) has decided to place a stay on three orders that rejected Bitcoin exchange-traded funds (ETFs) seeking to be listed on the NYSE Arca and other regulated exchanges.

This is after nine applications were rejected Wednesday, on supposed grounds that the products did not comply with the requirements by the “Exchange Act Section 6(b)(5), in particular the requirement that a national securities exchange’s rules be designed to prevent fraudulent and manipulative acts and practices.”

Is this a routine review of staff decisions by a Commissioner? Hester Pierce, an SEC Commissioner who has issued a dissent of a prior ETF rejection last month, says yes, that this is routine.

We shall see…

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