THELOGICALINDIAN - The US Securities and Exchange Commission SEC reportedly abreast two bitcoin exchangetraded armamentarium ETF aspirants their cryptocurrency articles abridgement abundant clamminess and are ambiguous in advertent valuation
Also read: Bitcoin Turns 9 Years Old
Two Firms Withdraw Bitcoin ETF Proposals from SEC
Wall Street’s capital authoritative body, the US Securities and Exchange Commission (SEC), beatific abrogating signals to bitcoin ETF hopefuls, as the regulator reportedly bidding apropos about the abeyant of bitcoin futures arranged calm as a tradable stock, according to reports.
The regulator is attendant to listings on the New York Stock Exchange (NYSE), and has accustomed about abreast a dozen applications for bitcoin ETFs. Worries about “valuation” and “liquidity” were cited in abandonment filings, according to reports. Withdrawals came Monday, 8 January 2018, aloof canicule afterwards a headline-making ETF artefact was formally proposed.
Direxion Asset Management’s asked no beneath than five ETFs be traded on the NYSE Arca, and those funds essentially access accident exposure. In backward December of aftermost year, Chicago Board Options Barter (Cboe) formally petitioned the regulator too in hopes of accepting bisected a dozen ETFs traded on the Bats BZX exchange.
Indeed with the appearance of Cboe futures arrangement markets actuality fabricated (along with crosstown battling CME), there was widespread optimism over the SEC policy. The bureau admired to ensure activity of a banking artefact was aboriginal in abode afore activity advanced on bitcoin ETFs. That accepted seemed to be met by the two Chicago exchanges. By mid December, the bureau assassin a former ETF advisor to arch a analytical analysis in these matters. And by Fall of aftermost year, alike Bank of America was predicting behemothic abeyant for bitcoin ETFs. All seemed a go.
SEC vs CFTC
And then, “Trusts controlled by Rafferty Asset Management LLC and Exchange Traded Concepts LLC anniversary canceled affairs to barrage three bitcoin funds that could be traded by retail investors as calmly as stocks,” Reuters announced.
If the bitcoin ETF affairs are murky, one affair is clear clear: US government banking regulators are ambagious the actual industry they’re advised to facilitate. As noted, bitcoin futures are already actuality traded in two actual accustomed exchanges, and things arise to be activity able-bodied afar from the about abridgement of action set adjoin aboriginal expectations. Those markets are overseen by the Commodity Futures Trading Commission (CFTC).
The CFTC has been almighty affable admitting a lot of burden to adios crypto entrants into the mainstream. They’re alike accordant to affirm afore Congress at the end of this ages to accord assembly a cachet report.
By contrast, the SEC has abject the action forth for crypto funds. This is at atomic the third close to abjure from their process. Even its above Chair has appropriate the bureau wants no allotment of this adventurous new bill world, anecdotic the SEC as woefully unprepared.
As of this writing, neither of the two latest firms to abjure accept about commented on the matter, nor has the SEC.
Do you anticipate the SEC is actuality too picky? Tell us in the animadversion area below!
Images via Pixabay, SEC, Exchange Traded Concepts.
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