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United States

SEC Pushback results in Bitcoin ETF-s Proposals Withdrawal

January 9, 2018 by Ashley MAO

As requested by the U.S. Securities and Exchange Commission (SEC), a number of companies have withdrawn their filings to list exchange-traded funds (ETFs) tied to bitcoin.

The firms – Direxion Shares ETF Trust, Exchange-Listed Funds Trust and ProShares Trust – cited requests from the Staff and “concerns regarding the liquidity and valuation of the underlying instruments” as the reason for the withdrawal.

The exchange-traded Bitcoin ETF-s recently proposed by the before mentioned companies would have their price driven by the changes in the bitcoin futures market but none would have held bitcoin directly.

Last year several more ETF-proposals were stopped at the request of SEC

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Ashley MAO, Coinlaw

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Ashley MAO is a member of the Coinlaw team. Read more about our team.

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