US suspends two cryptocurrency products

Original Library of Congress

Original Library of Congress

One product was developed to track the price of Bitcoin while another was created to monitor the price of Ethereum.

The US Securities and Exchange Commission (SEC) on Sunday suspended the trading of Bitcoin Tracker One and Ether Tracker One. The two products are Bitcoin Tracker One and Ether Tracker One.

As the SEC has been rejecting multiple applications for Bitcoin-based ETF in the US for a long time - the most recent refusal coming around late August - the Bitcoin Tracker One and Ether Tracker One were being looked upon by the USA -based cryptocurrency proponents as the legal alternative to the crypto ETFs.

However, the Commission pointed out that "Other public sources characterize the instruments as 'Exchange Traded Notes (ETN)'".

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Writing in the full order, SEC Secretary Brent J. Fields specifically noted that there is widespread confusion, including among broker-dealers, about whether these products are exchange-traded notes (ETNs), exchange-traded funds (ETFs), or - as the issuer claims in its filing documents - "non-equity linked certificates".

Follow Chepicap now on Twitter and Telegram! In 2017, Ether Tracker One became the first ether-referenced security available on a regulated exchange when it listed on NASDAQ in Stockholm.

The regulator said that based on the application materials and trading websites, the securities were characterized as exchange-traded funds (ETFs).

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 U.S. dollars. They boast "simple access to Bitcoin & Ether via your existing broker or bank". This order was entered pursuant to Section 12 (k) of the Securities Exchange Act of 1934 (Exchange Act).

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That said, the SEC called out the inconsistent, inaccurate and confusing information surrounding the XBT-issued crypto product.

According to the official announcement, the ban was implemented on September 9 at 5:30 p.m EDT and will be lifted at 11:59 p.m. EDT on September 20.

The Securities and Exchange Commission (SEC) is continuing its efforts to push back against cryptocurrency-based exchange traded funds (ETFs).

A highly touted investment instrument that sought to appeal to US public markets investors looking for cryptocurrency exposure has just seen a setback.

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