SEC Will Review Its Decision to Reject ETF Proposals
Following the news that the SEC rejected BTC-ETF proposals yesterday, an update on the situation was announced today. The U.S. Securities and Exchange Commission has decided to place a stay on three rejection orders.
In fact, yesterday's announcement was made ahead of schedule. The SEC Commissioner Hester Peirce stated in a tweet: “Yesterday’s staff orders disapproving SRO rules related to a number of bitcoin ETFs are stayed pending Commission review.” A further explanation followed: “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.”
The reaction of the crypto market to yesterday’s news was moderate.