20:08:08 EDT Fri 26 Apr 2024
Enter Symbol
or Name
USA
CA



FP/wire say SEC takes another look at bitcoin ETF

2017-04-26 07:19 ET - In the News

The Financial Post reports in its Wednesday edition that the U.S. Securities and Exchange Commission plans to review its decision last month to block the listing of the first U.S. exchange-traded fund tracking the digital currency bitcoin. A Reuters dispatch to the Post says that the three-year effort by investors Cameron and Tyler Winklevoss to convince the SEC to allow it to bring the Bitcoin ETF to market stalled when the agency's staff ruled against them in March. A fund holding the virtual currency could bring more professional investors to the asset and push its price higher. However, bitcoin presents a new set of risks to investors given its limited adoption, a number of massive cybersecurity breaches affecting bitcoin owners and the lack of consistent treatment of the assets by governments. The bitcoin BTC=BTSP traded up at $1,274.99 (U.S.) earlier on Tuesday. The digital currency has rebounded after initially plunging following the SEC's initial decision calling the digital currency market "unregulated." CBOE Holdings' Bats exchange had applied to list the ETF and appealed to the commission to review its staff's decision.

© 2024 Canjex Publishing Ltd. All rights reserved.