The U.S. Securities and Exchange Commission (SEC) has postponed the review of Bitcoin ETFs proposed by investment firm Direxion Asset Management, as it needs more time to study the proposal before reaching a final decision. In the July 24, 2018, edition of the Federal Register, the SEC said it was postponing its decision on the five ETFs till September 21, 2018.The five ETFs, which were filed in January, include Direxion Daily Bitcoin Bear 1X Shares, Direxion Daily Bitcoin 1.25X Bull Shares, Direxion Daily Bitcoin 1.5X Bull Shares, Direxion Daily Bitcoin 2X Bull Shares, and Direxion Daily Bitcoin 2X Bear Shares.The statement reads, “The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider this proposed rule change. Accordingly, the Commission … designates September 21, 2018, as the date by which the Commission shall either approve or disapprove the proposed rule change.”According to the provisions of the SEC's enabling Act, the commission is expected to give its decision within “180 days after the date of publication of notice of filing of the proposed rule change.” The publication date was on January 24, 2018, and the decision was due on July 23, 2018. The Act, however, makes room for an extension period of "not more than 60 days" for additional study before reaching a fi... For Further Information Click on Below Button