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SEC再次驳回多项比特币ETF申请,称其仍未做到防欺诈

区块链国际资讯

SEC再次驳回多项比特币ETF申请,称其仍未做到防欺诈

美国证券交易委员会(SEC)再次驳回比特币交易所交易基金(ETF)申请。本次拒绝的申请来自ProShares、Direxion和GraniteShares这三家公司。

SEC分别向三家公司发出了通知。值得注意的是,SEC这次并没有拖延到最后一刻才给出结果。

另外,该机构驳回以上申请均给出了同样的理由。

在发给ProShares和Direxion(该公司提交了5项申请)的通知中,该机构均表示:

……委员会拒绝本项申请,因为申请者没有根据《交易法》以及委员会的规定证明其遵守了《交易法》第6节(b)(5)的条款,即国家证券交易所的规则应该能够防止欺诈和操纵行为以及活动。

SEC强调,其做出的这一决定并不是基于对比特币或区块链技术的评估,与它们能否成为一项有应用或有价值的创新或投资是无关的。几周之前,SEC才刚刚完成对文克莱沃斯兄弟提交的比特币ETF的审核。文克莱沃斯兄弟的申请可以说是历时多年,付出了很多,但大多数的SEC委员依然坚持去年3月份的决定,再次驳回了他们的申请。

SEC委员Hester Peirce是支持比特币ETF申请的。她在接受采访时表示,拒绝比特币ETF对投资者和创新者来说都是一种伤害。

“翻旧账”

如果你曾经读过SEC驳回比特币ETF的通告内容,你就会发现这次SEC给出的理由和当初拒绝文克莱沃斯兄弟的没有太大区别。

然而,ProShares、Direxion和GraniteShares这三家公司的申请是很特殊的。他们的ETF是和比特币期货绑定的,并不会创建直接持有比特币的基金。

值得注意的是,SEC还提到了来自比特币期货供应商CBOE(芝加哥期权交易所)的一封信。

这个期货交易所的总裁以及COO在写给委员会职员的一封信中透露,‘现阶段CBOE和CME(芝加哥商业交易所)的比特币期货交易量不足以支撑长期或短期的比特币交易产品(ETP)’。与此同时,SEC承认了一点,这也是非常重要的一点:通过交易比特币交易所产品,投资者能够获得额外的保护——SEC还表示除此之外,我们还需要做出其它方面的考虑。委员会承认,和不受监管的比特币现货市场相比,在国家级证券交易所交易比特币ETP能够给投资者提供更多的保护。但委员会必须从更深的层次去考虑这个潜在优势,例如其是否满足了《交易法》的申请规则。

到目前为止,仍有一项比特币ETF申请尚未得到回复。预计在9月底之前(如果不再推迟),SEC会就VanEck-SolidX的申请给出结果。

The Securities and Exchange Commission (SEC) has issued rejections to bitcoin exchange-traded fund (ETFs) proposals from ProShares, Direxion and GraniteShares.

In three orders published on August 22, the rejections came ahead of previously reported deadlines arising from the SEC's public-facing approval process.

Notably, the agency used the exact same reasoning – and wording – in all of its rejections.

The agency wrote in the case of ProShares:

"...the Commission is disapproving this proposed rule change because, as discussed below, the Exchange has not met its burden under the Exchange Act and the Commission's Rules of Practice to demonstrate that its proposal is consistent with the requirements of the Exchange Act Section 6(b)(5), in particular the requirement that a national securities exchange's rules be designed to prevent fraudulent and manipulative acts and practices."

And in the case of Direxion's five proposed ETFs:

"...the Commission is disapproving this proposed rule change because, as discussed below, the Exchange has not met its burden under the Exchange Act and the Commission's Rules of Practice to demonstrate that its proposal is consistent with the requirements of the Exchange Act Section 6(b)(5), in particular the requirement that a national securities exchange's rules be designed to prevent fraudulent and manipulative acts and practices."

In all instances, the SEC stressed that it "emphasizes that its disapproval does not rest on an evaluation of whether bitcoin, or blockchain technology more generally, has utility or value as an innovation or an investment."

Similar language was also used in the GraniteShares rejection as well.

The rejections come mere weeks after SEC commissioners completed a review on a proposed bitcoin ETF from investors Cameron and Tyler Winklevoss, whose multi-year effort was dashed after a majority of the SEC's commissioners backed up the agency's original March 2017 decision.

One commissioner, Hester Peirce, dissented that decision, later telling CoinDesk in an interviewthat the move to block a bitcoin ETF is a disservice to both investors and innovators.

Past issues cited

For those who have read disapproval orders for bitcoin ETFs in the past, the language likely calls to mind the justifications used to twice strike down a proposal from investors Cameron and Tyler Winklevoss for their proposed bitcoin ETF.

Yet for the three companies named today, the proposals were unique in that they were tied to the market for bitcoin futures rather than a fund that holds bitcoin directly.

Notably, the SEC cited a letter from one of the current markets for bitcoin futures in the U.S., CBOE.

"Additionally, the President and COO of CFE, recently acknowledged in a letter to the Commission staff that 'the current bitcoin futures trading volumes on Cboe Futures Exchange and CME may not currently be sufficient to support ETPs seeking 100 [percent] long or short exposure to bitcoin'," the agency wrote.

At the same time, the SEC did concede a notable point: that investors would gain an extra layer of protection by trading exchange-based products for bitcoin – while also contending that possible benefits should be held against other considerations.

"The Commission acknowledges that, compared to trading in unregulated bitcoin spot markets, trading a bitcoin-based ETP on a national securities exchange may provide some additional protection to investors, but the Commission must consider this potential benefit in the broader context of whether the proposal meets each of the applicable requirements of the Exchange Act," officials argued in the ProShares rejection.

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