The SEC again buried the hopes of traditional investors for the emergence of crypto-currency ETFs
The US Securities and Exchange Commission (SEC) has big doubts about the aspirations of traditional finance market players who are going to launch exchange-traded funds (ETFs) related to crypto-currencies.
In a categorically written letter to the leadership of the Association of Securities and Financial Markets and the Institute of Investment Companies, the head of the Investment Management Department of the SEC Dahlia Blass noted that she has "serious non-trivial questions" about how the funds intending to keep large sums in crypto-currencies and related products, are going to comply with the necessary requirements of the regulator.
In the letter, Blass singled out a number of areas that are of greatest concern to the regulator, including the assessment of the crypto-currency assets owned by mutual funds or exchange-traded funds, the liquidity of these assets and the opportunities for market manipulation and arbitrage.
"We consider it inappropriate to apply for registration of funds intending to invest in crypto-currencies and related products, while the above-mentioned questions will not be answered satisfactorily. We asked sponsors who applied to register such products, withdraw them, "she wrote.
Probably, the price fluctuations of the last weeks again made regulators doubt the preparedness of the crypto-currency to enter a more large-scale level. In addition, according to one of the latest studies, the growth rate of bitcoin from $ 150 to $ 1,000 was of an artificial nature that regulators are unlikely to welcome.
The situation is complicated by the history of Bitconnect, crypto currency, recognized by many experts as a financial pyramid, the rate of which recently fell by 90% after the closure of the company's main services.
The SEC is not the first time violating the plans of financial companies that are going to launch exchange investment funds to work with crypto-currencies. So, in March last year, the Commission gave a negative opinion at the request of the Winklewoss brothers, saying that bitcoin is not regulated properly, and exchanges that trade in crypto-currencies do not differ in transparency.
Although the SEC once again made it clear that investors should not expect the emergence of ETFs tied to bitcoins and other crypto-currencies in the near future, the regulator is not so categorically opposed to other tools designed to interact with the blockbuster companies, which in turn work with crypto-currencies. This week at the Nasdaq stock exchange there were two stock exchanges specializing in blockage.
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