Two fund managers in the United States withdrew their applications for Bitcoin ETFs for fear of the SEC

nBankruptcy: Reuters reports that two companies in the United States withdrew their applications for the issuance of the Bitcoin Exchange Traded Funds (ETFs) as the SEC continued to be concerned about the liquidity and valuation of futures contracts based on digital assets . Very rare, the two major regulatory agencies in the United States – the SEC and the CFTC appeared in disagreement. However, the CFTC has approved the listing application for bitcoin futures and the CFTC has long been under pressure to address concerns that the agency has not adequately evaluated Bitcoin’s potential risks to the financial system.n
nTranslation: Clovern
NEW YORK (Reuters) – The filings filed Monday showed that the two U.S. companies have shelved their proposal to issue bitcoin exchange-traded funds (ETFs) due to continuing SEC concerns over the Bitcoin.n
One of the documents showed regulators ‘staff members’ concerns about liquidity and valuation of futures contracts based on digital assets.n
The move added new hurdles to Wall Street firms planning to take advantage of investors’ interest in cryptocurrencies and made the two financial regulators openly divided on how regulatory issues are so unusual.n
The trust, controlled by Rafferty Asset Management LLC and Exchange Traded Concepts LLC, respectively, eliminates plans to launch three Bitcoin funds that can be bought and sold by retail investors just as easily as equities. It’s not yet possible to reach out to both companies for comment.n
Fund managers argue that these proposals have had the opportunity to gain approval as CME and CBOE Exchanges launched bitcoin-based futures contracts last month.n
Regulators have been scrambling to figure out how to deal with this relatively new asset, but so far no single exchange has control.n
The SEC manages the funds, while the Commodity Futures Trading Commission (CFTC) manages the futures contracts. The CFTC has been under pressure to address fears that the agency has not adequately evaluated the potential risks that bitcoin poses to the financial system.n
Bitcoin is a virtual asset that can be used to quickly and relatively anonymously transfer funds around the world without the involvement of intermediaries – such as banks or governments. The transaction is expensive, trading is difficult and the price is very volatile.n
Taking into account the SEC’s decision may also be the US stock market volatile trading varieties to clear the obstacles, it is also facing a rigorous review.n
Both the U.S. Securities and Exchange Commission and the U.S. Commodity Exchange Commission can not comment immediately.n
One of the ETFs submitted will be designed to rise and fall at twice the rate of bitcoin price changes in a single day. According to the Bitstamp exchange, bitcoin has risen more than 10% in 26 different periods of the day in the past two years.n
Bitcoin on Bitstamp Exchanges did not change much on Monday night, at around $ 15,000.n

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