After denying various bitcoin exchange-traded funds, the U.S. Securities and Exchange Commission (SEC) has decided to review its rejection orders for denying nine Bitcoin ETFs on Wednesday.
The announcement was made by Commissioner Hester Peirce, who dissented from last month’s SEC decision against a Bitcoin ETF proposal from Cameron and Tyler Winklevoss, the owners of the crypto exchange Gemini.
Peirce tweeted, “Yesterday’s staff orders disapproving SRO rules related to a number of bitcoin ETFs stays pending Commission review.” and She then followed with an additional tweet explaining the previous one in plain English.
— Hester Peirce (@HesterPeirce) August 23, 2018
In English: the Commission (Chairman and Commissioners) delegates some tasks to its staff. When the staff acts in such cases, it acts on behalf of the Commission. The Commission may review the staff's action, as will now happen here.
— Hester Peirce (@HesterPeirce)August 23, 2018
Commissioner Peirce also provided a copy of a letter addressed to the NYSE, which explains that SEC Chairman Jay Clayton and associated commissioners will carefully review each application to identify whether or not SEC staff ruled fairly.
The decision to review the orders opens the door to the possibility that one or more of the ETFs will be accepted after all. Although the letter did not provide the date for sharing the review decision, it is nonetheless exciting for those who follow cryptocurrencies.