Bitcoin News

Crypto analyst Brian Kelly has predicted that approval of a Bitcoin ( BTC ) exchange-traded fund ( ETF ) will “likeliest” and “earliest” come in February 2019, in an  interview  on CNBC’s Fast Money August 23. Kelly’s forecast comes hot upon the heels of the  U.S.  Securities and Exchange Commission’s ( SEC )  rejection  of nine BTC derivatives-based ETF proposals from three applicants August 22. An ETF is a type of mutual investment fund that divides ownership of a commodity, derivative,  index, or basket of assets, into shares. The fund tracks the value of the underlying asset(s) and is traded on exchanges, with shareholders entitled to any positive returns. ETFs are marketable securities that require oversight by government authorities, and the current and prospective regulatory status of crypto-related ETFs remains unresolved and  avidly discussed . Kelly pointed out that while the SEC has recently chosen to  delay  its decision on a separate and high-profile BTC ETF app

The  U.S.  Securities and Exchange Commission ( SEC ) will review its decision to reject nine applications to list and trade various Bitcoin (BTC)  exchange-traded funds  (ETFs), Reuters  reported August 23. On Wednesday, the SEC  disapproved  a total of nine inquiries from three companies to bring  BTC -based ETFs to market, claiming 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." Shortly after, the SEC released letters stating their intention to review the decision, having delegated authority to take action on the applications. However, the letters do not specify a deadline for the decision nor what the review will entail. ETFs  are marketable securities that track an index, commodity, or basket of assets, that are proportionately represented in the fund’s shares. ETFs experienc