Microelectronics Technology Co. (fka MELY)

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$MELY - Bats Exchange Fights Back Against SEC’s Decision to Reject Bitcoin ETF

Bats BZX Exchange has submitted a “notice of intention to petition for review of order disapproving” its proposed rule change to list and trade Coin ETF by the U.S. Securities and Exchange Commission (SEC).

The letter also states that: “Bats intends to file separately a petition for review in accordance with Rule 430(b)(2) of the Securities and Exchange Commission’s Rules of Practice”.

National law firm Schiff Hardin LLP faxed its letter as well as a letter written by Bats BZX Exchange to the SEC on March 17, but they were not published on the SEC’s website until early this week. Bats Exchange’s letter officially serves as a Bats Exchange Fights Back Against SEC's Decision to Reject Bitcoin ETF“notice of intention to petition for review of order disapproving a proposed rule change” pertaining to the listing and trading of Coin ETF which the Commission rejected on March 10.

The exchange cites Rule 430(b)(1) of the SEC’s Rules of Practice in its letter, which details the procedure for an ‘appeal of actions made pursuant to delegated authority’. This rule states that “a party to an action made pursuant to delegated authority, or a person aggrieved by such action, may seek Commission review of the action by filing a written notice of intention to petition for review”.

Once the petition is filed, the SEC will determine whether to grant a review. If it is found that the Commission’s staff had reached an erroneous conclusion of law by misapplying the Exchange Act standards application to the proposed rule change, then a review would be granted. Subsequently, the Commission may “affirm, reverse, modify, set aside or remand for further proceedings, in whole or in part, any action” made by the delegated authority.