Not many people can forget the rejection of ETF submitted by the Winklevoss brothers and how it led to the slump in the market that began with the decline in the value of Bitcoin. However, this was not the only ETF petition that was rejected by Securities and Exchange Commission. There are, in total, nine Bitcoin-based ETFs that were rejected by the SEC, however, what has been muzzling a large number of people is that SEC has decided to review three of those petitions it had decided to reject. It is important for the users in this sector to understand that what is it that SEC intends to convey by passing this decision of reconsideration regarding petitions.
What SEC means by stating that the decision is not final for the three petitions, is that there is a chance that it can change its judgment entirely, modify the result or continue the proceedings for the petition. It is important for the investors and the users in this field to understand that as of now, as far as a few ETFs are concerned, there is not a definite rejection from the Securities and Exchange Commission. To elaborate, even if one member from the commission raises a question, it is sufficient that the proceedings regarding the acceptance or rejection of the petition will begin again. Lately, a review of the petition filed by Winklevoss brothers was set up by the leaders of the SEC.
The story about the petition filed by the Winklevoss brothers has been making the headlines for a long period of time now. The petition for the Bitcoin ETF was submitted by it in the month of March 2017 and it is taking SEC multiple reviews and several considerations to come to any decision regarding this petition. It can be believed that there is a chance that in the coming months, there can be noticed a change regarding the verdict of SEC for the ETF petitions. However, it cannot be determined as to till what degree the change will be made and what will it hold in store for the various users.