On March 10, 2017, the SEC released a long-awaited ruling on its first Bitcoin Exchange Traded Fund (ETF) proposal, electing to disapprove the proposal.
A Bitcoin ETF would have been a major step forward for the new currency. Since Bitcoin's launch in 2008, businesses and startups offering Bitcoin services have been pushing for further acceptance in the greater global economy. The listing of Bitcoin as an ETF on a major U.S. exchange would have put Bitcoin on track to one day rival other global commodities such as gold, silver and oil. Many market participants anticipate a Bitcoin ETF would have a positive impact on the current price of Bitcoin, as it would allow for institutional investors, funds and individuals to add Bitcoin to their portfolios.
But it didn't happen. Per the SEC (emphasis mine):
"[The] Commission is disapproving this proposed rule change because […] First, the exchange must have surveillance-sharing agreements with significant markets for trading the underlying commodity or derivatives on that commodity. And second, those markets must be regulated."
Full story at http://bit.ly/2oXB3tv
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