Up until Wednesday, all eyes were watching for a final decision on two futures-backed bitcoin ETF proposals set to be listed on the New York Stock Exchange (NYSE) and created by ProShares.
However, the resulting decision not only shot down ProShares' twin proposals, but five others like it by Direxion and another two by GraniteShares, with the latter to be listed on the Chicago Board Options Exchange (Cboe).
Then, as if matters had not been rousing enough, the SEC announced the following day a petition to review all nine disapproval decisions in accordance to Rule 431(e) of the Commission's official "Rules of Practice," noting that until such a time the review is complete all such decisions would be stayed.
In truth, it isn't as if the SEC has never turned around to re-examine their rulings in a similar manner before. Just last month, the results of one such review over the Winklevoss bitcoin ETF was released, ultimately re-affirming the initial rejection.
Still, the fallout from this week's events on the matter of regulatory approval over a bitcoin ETF has left many in the crypto community jaded over what feels to be a continuing uphill battle.
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