Following the rejection of nine bitcoin-based exchange-traded funds (ETFs) earlier this week by the independent regulatory agency, the U.S. Securities and Exchange Commission (SEC) stated on Thursday that it will review its staff’s decision.
As reported by BeInCrypto yesterday, the SEC’s rejection was justified by a failure of the three companies putting forth the proposals to prove their products wouldn’t be subject to market manipulation or illegal activities.
Interestingly, the SEC has now shared information on its website stating that the agency’s four commissioners will review said decisions.
The news comes not long after SEC Commissioner Hester Peirce notably expressed her dissatisfaction with the rejection of a previous Bitcoin ETF, which saw her vote of confidence outnumbered 3-1.
Good News for VanEck?
The pending review of the latest decision from the SEC may be taken as a positive sign for the most highly anticipated Bitcoin ETF proposal — the VanEck SolidX Bitcoin Trust. If presumably less-legitimate proposals are warranting a second look, it stands to reason that VanEck’s may be more positively scrutinized.
The price of Bitcoin notably did not react to the news of the SEC’s rejection — a fact which may have surprised some. It also has not dramatically reacted to the news of a pending review of the aforementioned decision, though it has increased in value.
At the time of this writing, Bitcoin (BTC) is trading at $6,552.09 per coin — up 1.54 percent over the last 24 hours.
What do you think about the SEC’s decision to review its most recent denial of nine Bitcoin ETF proposals? Do you think the review increases the chances that the VanEck SolidX Bitcoin Trust will be approved? Let us know your thoughts in the comments below!
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