• Kik loses SEC suit

    Don’t expect a Bitcoin ETF any time soon

    The SEC isn’t convinced Bitcoin markets are free of fraud, manipulation

    The Securities and Exchange Commission sees the bitcoin market as threatened with manipulation, if it isn’t already. The repercussions of their view could affect cryptocurrencies for years to come if the door is closed on billions of institutional dollars piling into crypto. For a second time, the SEC shot down a bid by the Bats BZX Exchange and the Winkelvi-backed Gemini Exchange to launch a bitcoin-based ETF, which was first submitted to the securities regulators a couple of years ago. The proposed ETF was one of several that have been trying to get the blessing of the SEC. While headlines focused on the Winklevoss brothers getting rejected by the SEC…

  • Kik loses SEC suit
    Bitcoin,  Cryptocurrencies,  United States

    The SEC throws a wet blanket on the cryptocurrency ETF fever dream—for now

    The regulator’s tone toward cryptocurrency ETFs is skeptical, but the door isn’t shut yet

    The United States Securities and Exchange Commission came out against cryptocurrency-based exchange-traded funds on Thursday. However, there may be a glint of hope for those hoping to see a crypto-related ETF one day in the distant future. Dalia Blass, the SEC’s Director of the Division of Investment Management, wrote a letter to the heads of two trade groups strongly cautioning against implementing cryptocurrency-based ETFs. The U.S. investment fund market is “one of the most robust, varied, and successful markets for investment products in the world,” she wrote, but at the same time there are “a number of significant investor protection issues that need to be examined before sponsors begin offering…