SEC Announced Review of Denied Proposals of 9 Crypto ETF’s

In a recent development, SEC revealed that it would reconsider the nine proposals which were denied, according to a report by CoinDesk. The U.S. Securities and Exchange Commission said they will be looking into the disapproval of these proposals on what they call as  “staying” process.

In an announcement made yesterday,  SEC Commissioner Hester Peirce, the proposals would be reviewed in accordance with the Commission’s Rules of Practice, Rule 431 to be specific.

Pierce, dubbed as ‘Cryptmom’  by the crypto community said that SEC may review the steps taken by their staff. There are instances that the Commission delegates tasks to their staff wherein the Commission may review their staff’s action.  The SEC Commissioner also wrote:

“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.”

With the result of this breaking news, the cryptocurrency market surged with Bitcoin going up to a $150 in m