The US Securities and Exchange Commission published refusal on proposals from three companies to launch exchange traded funds, tied to bitcoin. The decision was expected, as experts predicted that a positive decision is unlikely to be taken before 2019.

The SEC, as expected, refused to approve the launch of bitcoin-ETFs. Proposals from ProShares, GraniteShares and five applications from Direxion received refusal. The previous refusal to launch bitcoin-ETF was received in July by the brothers Cameron and Taylor Winklewosses, the founders of Gemini crypto exchange.

The same as in the case with Winklevosses' bitcoin-ETF, the SEC explained its decision with concern about the high risks of fraud and manipulation in the bitcoin market. The explanatory note of the regulator states that proposed bitcoin-ETF does not meet the requirements "that a national securities exchange's rules be designed to prevent fraudulent and manipulative acts and practices. Among other things, the Exchange has offered no record evidence to demonstrate that bitcoin futures markets are 'markets of significant size."

The Commission stressed that the refusal does not contain any detached evaluation of the value of bitcoin or the blockchain technology.

The decision was not unexpectable for the market, as many experts predicted the negative decision of SEC. According to Mati Greenspan, chief analyst of eToro, only bitcoin-ETF from VanEck will achieve approval of the SEC. According to him, bitcoin-ETF from the largest investment company is specially designed to meet the needs of institutional investors. Greenspan noted that there is reason to believe that the SEC will come to the conclusion that it is VanEck that will cope with the task of preventing manipulations with cryptocurrency.

Analysts from beyond US borders also agree with this opinion. And although the VanEck SolidX Bitcoin Trust, seen by many as the most formidable candidate for a potential approval, is due for a potential decision as early as this month, it is largely believed that the SEC will extend its deadline, in which case a decision may not be made until March 2019," the latest crypto report from Canada-based wealth manager Canaccord Genuity reads.

According to Jake Chervinsky, American lawyer from Kobre Kim LLP, the SEC will leave the decision on the VanEck SolidX bitcoin ETF too late. Regarding the VanEck's application, the regulator has the right to postpone the decision until 21 February 2019.