The rules that govern the Securities and Exchange Commission (SEC) deemed Thursday, August 23rd the day an official ruling for a ProShares application must be made based on the time it was submitted.
This is not the first ETF ruling to come out of the SEC. All previous applications have been denied by the federal agency. ProShares, who filed an application for two bitcoin ETFs in September, is hoping to be the first company to be approved tomorrow. The company has about $30 billion in assets under management and hopes that an ETF based in futures trading might be more appealing to regulators.
While approval could bring a wave of institutional buyers to the market, many prominent bitcoin experts and advocates, such as Andreas M. Antonopoulos, have come out against these ETFs. Antonopoulos recently stated on his popular “Bitcoin Q&A” video blog:
“ETFs fundamentally violate the underlying principle of peer-to-peer money, where each user is not operating through a custodian, but has direct control of their money because they have direct control of their keys. Your keys? Your bitcoin. Not your keys? Not your bitcoin. An ETF is a multi-billionaire dollar ‘not your keys, not your bitcoin’ vehicle.”