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Bitcoin ETFs rejected again by SEC

 

The Securities and Exchange Commission of the USA (SEC) once again said no to trading of Bitcoin Exchange traded funds (ETFs). The US regulator has rejected several proposals made in this regard by a subsidiary of the New York Stock Exchange, NYSE Arca.

 

In its official statement the SEC clarified that its rejection should not be viewed as some sort of comment on the value of Bitcoin or blockchain technology in general, including as an investment. The regulator clarified that its decision was due to the fact that NYSE Arca’s proposal failed to meet the applicable laws and national securities exchange’s rules regarding prevention fraudulent and manipulative acts and practices.

 

NYSE Arca is an electronic securities exchange in the US on which are traded exchange-traded products (ETPs) and equities. In January, 2018, it filed an application for the following products:

 

– 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 ‘X’s stands for the proportionate returns or losses that each fund promises to investors. 

 

TAGS: SEC  USA  Bitcoin  ETFs 
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