SEC to Reconsider Staff's Rejections Of 9 Bitcoin ETFs

Richard B. Levin quoted in Law360

By: Tom Janki

The U.S. Securities and Exchange Commissionsaid on Thursday that its commissioners will review a recent staff decision to reject nine bitcoin-based exchange traded funds, meaning agency leaders will take a closer look at a potentially innovative but untested investment idea that worries skeptics about fraud possibilities.

In letters provided to NYSE Arca Inc. and Cboe Global Markets, which have proposed rule changes that would enable them to to list bitcoin ETFs, the agency said staff rejections of the proposals issued Wednesday have been stayed pending a review by the full commission.

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