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United States

2nd US company halts efforts to register crypto ETFs

October 6, 2017 by Beatrice OZANNE

A second US financial services company ceased an effort to create exchange-traded futures (ETFs) tied to bitcoin, according to public documents reveal.

The information comes from a letter signed by REX ETFs company president J. Garrett Stevens and dated October 5, in which he requested to withdraw an amendment related to the REX Bitcoin Strategy Fund and the REX Short Bitcoin Strategy ETF – two previously proposed ETFs.

Back in August, the company announced that it aims to launch a number of cryptocurrencies investment products.

In his letter, Stevens revealed that it’s the SEC’s policy “Not to review a registration statement for a fund where the underlying instruments in which the fund intends to primarily invest are not yet available,” pointing to prevailing difficulties those willing to create investment products around cryptocurrencies face.

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