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SEC Commissioner Hester Peirce: Why the SEC Will Review Rejection Orders on 9 Bitcoin ETFs

August 24, 2018

The SEC will review Wednesday’s decisions to reject nine Bitcoin ETFs.

The announcement was made by Commissioner Hester Peirce, who dissented from last month’s SEC decision against a Bitcoin ETF proposal from Cameron and Tyler Winklevoss, the owners of the crypto exchange Gemini.

According to Peirce, yesterday’s decisions to reject the ETFs – two proposals from ProShares, two from GraniteShares and five from Direxion – were made by staffers. The Commission has now decided to review those decisions after the fact.

In English: the Commission (Chairman and Commissioners) 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.

— Hester Peirce (@HesterPeirce) August 23, 2018

Here’s a look at the full statement from the SEC.

The decision to review the orders opens the door to the possibility that one or more of the ETFs will be accepted after all.

The Commission has not released a timetable explaining how long it may take to review the recent rejections.

Image via Scott S/Flickr

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