Second Application For Listing Bitcoin Product Denied By SEC
On Tuesday, a request for bringing a unique kind of product tracking bitcoin was rejected by the US Securities and Exchange Commission for the second time in the month of March. The commission announced its decision by denying the International Exchange Inc’s NYSE Arche’s ability for listing and trading an exchange-traded product SolidX Bitcoin Trust.
It will trade same as a stock and the price of the digital asset will be tracked. Last time, the regulatory agency also said that they have issues with the same type of proposal offered by the investors Tyler Winklevoss and Cameron Winklevoss.
As per SEC, the commission thinks that there is a un-regulation in the significant markets for BTC. They echo the language through their decision previously this month on an application by the CBOE Holdings Inds Bats Exchange. They do this for listing the Bit Coin ETF which was proposed by the Winklevoss brothers. The SEC was asked by the Bats for reviewing their decision for not allowing the trading of funds.
The Chief Executive Officer of SolidX Partners Daniel H. Gallancy said that they are reviewing the order of SEC and evaluate the further proceedings. SolidX Partners is an American technology firm that offers blockchain services. However, the NYSE hasn’t responded instantly to comment.
In March, the BTC has risen to a record high of more than $ 1,300 that is higher than the price of 28-gram gold. However, the price of digital currency plunged by nearly 18 percent after the rejection of the Winklevoss-proposed ETF. Since then, it was rebounded to some extent and reached $ 1,041 on Tuesday that has changed minimally from the last day.
We all know that the Bitcoins virtual currency which can be utilized for moving the money around the globe fast with a relative anonymity without any requirement for a central authority like a government or community bank.