Back in late August, news broke that the SEC was reviewing nine earlier rejected Bitcoin (BTC) ETFs. What happened is that the rejections were as a result of the Commission delegating some tasks to its staff. The staff had acted on behalf of the Commission and followed through with rejecting the 9 Bitcoin ETFs. However, due to additional rules at the regulatory body, the Commission has the power to review such ‘delegated’ decisions.
Soon after the SEC Commission announced that it was reviewing the 9 BTC ETFs, news spread like wild fire that they had set a new deadline of October 26th. This date was believed by many as when the SEC would decide the fate of the 9 proposed rule changes. However, this was not the case.