Two Bitcoin ETFs projects delayed due to SEC opposition

Trustworthy media outlets report that the United States Securities and Exchange Commission, widely known as the SEC, decided not to support two firms — Rafferty Asset Management LLC and Exchange Traded Concepts LLC — in their endeavors regarding Bitcoin ETFs.

To clarify, an exchange-traded fund gives the opportunity to trade a group of assets like one stock, in this case — to indirectly operate with bitcoins. Another way to operate with Bitcoin indirectly is BTC futures, and this mechanism has already proven its viability. This cannot be said about Bitcoin ETFs: most of them, if not all, are still in their project stages. Not unlike everything else connected with cryptocurrency, this idea meets a huge wave of criticism from the Wall Street business conservatives.

Apart from these two aforementioned projects, another one by Direxion Asset Management includes five new funds, with one of them working as the primary fund for trading, and four others as the way to “amplify price movements”, as reported by CNBC. Rivals at Atlantis Asset Management call this initiative “insane”. However, one should remember there is always some bias when the rival companies talk on each others’ projects.