SEC suspends trading of two products on cryptocurrency. New decision that creates some disturbance in the world of virtual assets.
The US Securities and Exchange Commission (SEC) recently suspended, with immediate effect, trading in two investment products based on cryptocurrency, citing the confusion generated on the markets by the fact that the products are gods exchange traded funds (ETFs).
The products in question - Bitcoin Tracker One e Ether Tracker One - have therefore been suspended in the United States at least until 20 September, with a time window which should be useful in understanding what to do.
Recall that the two instruments promise to track the price of cryptocurrency and which are listed on a Nasdaq Inc exchange in Stockholm, but allow trading "Over the counter"With transactions occurring outside of regulated market exchanges within the United States.
"There appears to be a lack of consistent and accurate information," said the SEC in a notice posted on its website referring to the products. "The materials presented to enable the offer and sale of these financial products in the United States, as well as certain trading websites, characterize them as exchange-traded funds," ETF.
The issuer of Bitcoin Tracker One e Ether Tracker OneXBT Provider and its parent company did not immediately respond to requests sent by email from the US media for prompt comment, and Nasdaq also declined to comment.
The SEC has taken a rigorous stance against ETFs monitoring bitcoins and other cryptocurrencies being placed on the market. But investment firms have pushed other types of investments that try to make cryptocurrency trading easier, as if it were buying and selling ordinary shares.
However, these products - sometimes referred to as ETFs - generally refer to a different and often more strictly regulated product. Industry experts, including the largest ETF provider, BlackRock Inc, asked regulators to standardize the terms used to describe ETFs and other types of investment products.
