The U.S. Securities and Exchange Commission (SEC) said it will review the recent disapproval orders for nine bitcoin ETFs issued on Wednesday.
SEC staff rejected yesterday proposals from three companies: Proshares, GraniteShares and Direxion. But now, according to the letters, senior SEC officials will review the orders, although it’s unclear at this time when this review will take place.
SEC secretary, Brent Fields, wrote in a letter addressed to NYSE Group senior counsel David De Gregorio that said: “This letter is to notify you that, pursuant to Rule 43 I of the Commission’s Rules of Practice, 17 CFR 20 I .43 1, the Commission will review the delegated action. In accordance with Rule 431 (e), the August 22 order is stayed until the Commission orders otherwise.”
“The Office of the Secretary will notify you of any pertinent action taken by the Commission”. The news was announced by commissioner Hester Peirce, who notably dissented from a decision last month that saw the SEC shoot down a proposed bitcoin ETF.
In a follow-up tweet, Peirce explained the steps to come: “The Commission delegates some tasks to its staff. When the staff acts in such cases, it acts on behalf of the Commission. The Commission may review the staff’s action, as will now happen here”.
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