Reuters/Bobby YipBitcoin has slid into negative territory after the US Securities and Exchange Commission rejected the plans for the SolidX Bitcoin ETF. The cryptocurrency is down 0.7% at $1,033 a coin. It was as high as $1,066 earlier on Tuesday. The regulator cited the fact that bitcoin is traded on unregulated markets, which means the SEC wouldn't be able to prevent fraud or market manipulation.In its ruling the SEC said: "As discussed further below, the Commission is disapproving this proposed rule change because it does not find the proposal to be consistent with Section 6(b)(5) of the Exchange Act, which requires, among other things, that the rules of a national securities exchange be designed to prevent fraudulent and manipulative acts and practices and to protect investors and the public interest.
Bitcoin Dives After The Sec Shoots Down Plans For Another Bitcoin Etf
jgarber@businessinsider.com (Jonathan Garber), Business Insider
Tue, 03/28/2017 - 11:43am
Topics: yipbitcoin us securities exchange commission solidx bitcoin etf the section based march china winklevoss etf bitcoin grayscale investments investing watch sec commission exchange the etf bitcoin exchange act a winklevoss etf plans rejected year markets ruling commodity-trust believes cryptocurrency unregulated tuesday acts manipulative practices currency requirements significant fraudulent prevent surveillance-sharing trading proposed commodity rule find consistent reports
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