The possibility of a bitcoin exchange-traded product arriving in the near future has diminished further after the US Securities and Exchange Commission (SEC) dismissed nine bitcoin ETFs by Direxion, ProShares, and GraniteShares. While considering the low volumes that the Bitcoin futures have got in the past few months, the agency wrote: “Surveillance-sharing with a regulated market of significant size related to bitcoin is necessary to satisfy the statutory requirement that the Exchange’s rules be designed to prevent fraudulent and manipulative acts and practices.” The SEC said although its decision was not based on whether bitcoin had "utility or value as an innovation or an investment", not enough had been done to "prevent fraudulent and manipulative acts and practices". Bitcoin's price fell more than 10% against major currencies last week, but it recovered some ground later this week amid reports that regulators were considering allowing exchanges to trade futures contracts for it.
The possibility of a bitcoin exchange-traded product arriving in the near future has diminished further after the US Securities and Exchange Commission (SEC) dismissed nine bitcoin ETFs by Direxion, ProShares, and GraniteShares. The SEC said although its decision was not based on whether bitcoin had "utility or value as an innovation or an investment", not enough had been done to "prevent fraudulent and manipulative acts and practices". Bitcoin's price fell more than 10% against major currencies last week, but it recovered some ground later this week amid reports that regulators were considering allowing exchanges to trade futures contracts for it.