Another Reckoning Day Looms For Bitcoin ETFs

The Securities and Exchange Commission (SEC) set Monday, Nov. 5, 2018 as the deadline for public comments on nine previously rejected bitcoin ETFs.

Earlier this year, the SEC rejected the applications, preventing the digital currency from gaining more acceptance from investors who are wary of the unregulated exchanges of cryptocurrencies. The SEC’s Division of Trading and Markets rejected applications from investment firms ProShares, Direxion and GraniteShares.

“On October 4, 2018, the Commission issued an Order Scheduling of Statements on Review, setting November 5, 2018 as the date by which any party or other person may file a statement in support of, or in opposition to, the action by the Division pursuant to delegated authority,” said the SEC.

With less than two months left in 2018, market observers are pointing to 2019 as the earliest a bitcoin ETF will come to life in the U.S. Some insist it will take a physically backed fund to garner approval from regulators.