Economy

SEC issues suspension order on trading bitcoin and Ether Investment products

SEC issues suspension order on trading bitcoin and Ether Investment products

The issuer of Bitcoin Tracker One and Ether Tracker One, XBT Provider AB and its parent company, did not immediately respond to emailed requests for comment.

Investors who use Bitcoin Tracker One and Ether Tracker One will have to wait a few days before they can commence trading.

The SEC further cautioned that brokers and dealers that allow customers to trade either the Bitcoin Tracker one and Ether Tracker One or provide quotes throughout the halt's duration may also be subject to enforcement actions.

The SEC said in an order that "there is a lack of current, consistent and accurate information" concerning these two securities.

The commission noted that broker-dealer application materials describe the products as "exchange-traded funds", but other public sources call them "exchange-traded notes" and the issuer - a Swedish-based subsidiary of the United Kingdom firm CoinShares Holdings - describes them in offering materials as "non-equity linked certificates".

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The SEC issued a notice that the two exchange-traded notes would stop trading until September 20th.

Follow Chepicap now on Twitter and Telegram! However, trading on other, non-U.S. exchanges will not be interrupted during the suspension.

The Securities and Exchange Commission (SEC) has suspended trading of two crypto-based securities - Bitcoin Tracker One and Ether Tracker One. Rather, it is our understanding that, under Securities Exchange Act Rule 15c2-12 any broker-dealer that issue quotations for these securities is responsible for ensuring that required information regarding these securities is available. The entry enabled investors in the USA to invest crypto exchange-traded notes.

Although Bitcoin Tracker One is listed in Sweden, it has been traded on Stockholm's Nasdaq exchange for over 3 years and works by allowing American investors to buy assets in their local currency, using USA dollars.

However, these notes are basically debt obligations of financial institutions. The application of the Winklevoss twins was denied by the SEC twice, and the decision on the Bitcoin VanEck/SolidX ETF has been postponed until at least the end of September. "Given the current climate on the regulatory front in the US, this is a big win for Bitcoin". Even though the transactions are implemented in U.S Dollars, they are cleared, developed and carried out in the local market, and when it comes to Bitcoin Tracker One, it's Sweden.


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