ARTICLE
12 April 2017

SEC Again Rejects Application For Exchange-Traded Bitcoin Fund

KL
Herbert Smith Freehills Kramer LLP

Contributor

Herbert Smith Freehills Kramer is a world-leading global law firm, where our ambition is to help you achieve your goals. Exceptional client service and the pursuit of excellence are at our core. We invest in and care about our client relationships, which is why so many are longstanding. We enjoy breaking new ground, as we have for over 170 years. As a fully integrated transatlantic and transpacific firm, we are where you need us to be. Our footprint is extensive and committed across the world’s largest markets, key financial centres and major growth hubs. At our best tackling complexity and navigating change, we work alongside you on demanding litigation, exacting regulatory work and complex public and private market transactions. We are recognised as leading in these areas. We are immersed in the sectors and challenges that impact you. We are recognised as standing apart in energy, infrastructure and resources. And we’re focused on areas of growth that affect every business across the world.
For the second time in a month, the SEC rejected a request from Intercontinental Exchange's NYSE Arca exchange to bring a first-of-its-kind ETP tracking bitcoin to market.
United States Finance and Banking

For the second time in a month, the SEC rejected a request from Intercontinental Exchange's NYSE Arca exchange to bring a first-of-its-kind ETP tracking bitcoin to market. The SEC again denied the ability to list and trade the SolidX Bitcoin Trust, which would trade like a stock and track the digital asset's price. Previously, the regulatory agency said it had concerns with a similar proposal by investors Cameron and Tyler Winklevoss. It echoed those same concerns in this most recent announcement, saying it believes "the significant markets for bitcoin are unregulated."

Link To Article

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

Mondaq uses cookies on this website. By using our website you agree to our use of cookies as set out in our Privacy Policy.

Learn More