⛔️ SEC rejects three Bitcoin ETF applications

The U.S. Securities and Exchange Commission (SEC) failed to approve a group of Bitcoin ($BTC) ETFs on Wednesday. The applications included two products from ProShares designed to track Bitcoin futures, one from GraniteShares, and five leveraged or inverse ETFs from Direxion. The decision for ProShares noted that the applicant offered no record evidence to demonstrate that bitcoin futures markets are “markets of significant size.” Furthermore the regulator reiterated concerns around market manipulation and the lack of monitoring ability for the underlying Bitcoin markets but clarified that the rejections do not indicate an evaluation of whether or not blockchain and cryptoassets have value as an investment. An additional application from VanEck was delayed until Sept. 30.