The United States SEC (Securities and Exchange Commission) stayed three orders on Thursday denying bitcoin (BTC) ETF applications that wanted to list about nine funds on synchronized exchanges which includes NYSE Arca.
Those instructions, as reported, were handed out on Wednesday, which further confirms the agency’s uncertainty to make crypto more available to retail investors via conservative monetary products.
On the other hand, in a possible reversal of fortune, the Securities and Exchange Commission on Thursday publicized that the Commission, headed by Chairman Jay Clayton, is going to review those instructions, which had initially been written by staff members on the agency’s behalf.
As Securities and Exchange Commission Commissioner Hester Peirce further enlightened on social media giant Twitter, the Commission usually delegate such decisions to staff members but then again, it may assess their pronouncements after the fact.
In Plain English: the Commission (Commissioners and Chairman) assigns some responsibilities to its team. When the staff performs in such circumstances, it acts on the Commission’s behalf. The Commission may evaluate the action of the staff, as will now materialize here.
Peirce — who disapproved of the agency’s recent discontentment of a Winklevoss-backed bitcoin (BTC) ETF — forwarded a copy of a note, that was sent by the agency and was addressed to NYSE, corroborating the fact that the commissioners and chairman will personally assess the applications to decide whether Securities and Exchange Commission staff ruled suitably.
The letter, however, does not give a schedule for when the Commission is going to make that resolution.