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SEC Denies SolidX Bitcoin ETF Proposal

The Securities and Exchange Commission (SEC) has denied a bid to list a bitcoin exchange-traded fund on the New York Stock Exchange.

The choice, published these days, presents the second bitcoin-tied ETF turned down by the SEC considering that the start of the month. On 10th March, the agency rejected an energy from traders Cameron and Tyler Winklevoss to record a bitcoin ETF on the Bats BZX Exchange � although last week Bats moved to battle that rebuffing, seeking an powerful rehearing of the SECs decision.

In its recognize, the SEC cited justifications related to those utilised in the Winklevoss ETF choice, namely a lack of market place surveillance and a dearth of regulation in some jurisdictions.

The SEC wrote:

"The Commission believes that, in order to meet this normal, an exchange that lists and trades shares of commodity-trust exchange-traded merchandise ("ETPs") need to, in addition to other applicable requirements, satisfy two requirements that are dispositive in this matter. Very first, the exchange have to have surveillance-sharing agreements with substantial markets for trading the underlying commodity or derivatives on that commodity. And 2nd, people markets have to be regulated."

The company had earlier moved to delay its decision in September, punting a final determination until finally the finish of this week at the most current. Even though representatives for the SEC did not immediately reply to a request for comment, some variety of decision (or yet another delay) was anticipated by Friday.

The complete choice can be located beneath:

Sec Solidx Disapproval by CoinDesk on Scribd

Picture by means of Shutterstock

Bitcoin ETFNYSESolidX

(Why?)

Published at Tue, 28 Mar 2017 17:22:ten +0000