💥ETF Rejection💥

The Proshares ETF application was denied by the SEC.

The application required a rule change to be accepted by the SEC. When handing down their decision the SEC explained that the rules could not be changed and that the decision in no way means the SEC does not believe in the viability of blockchain technology.

The Proshares application included a long and a short $BTC product tied to $BTC futures contracts. It came as no surprise that the application was rejected as the Proshares products were tied to a highly volatile and leveraged 9 month old asset class.

It should also be noted that this product is not physically backed by $BTC.

This may play well into the hands of the Vaneck-SolidX application which is due to be decided in one months time.

The SEC is tasked with protecting retail investors. The Vaneck-SolidX ETF product has a unit size of 25 $BTC with a target audience of institutional investors.

In comparison to the failed attempts of previous ETF applications, the Vaneck-SolidX application appears far superior.

The proverbial red herring rejection today will undoubtedly send the market into a downward spiral, a great shorting opportunity.