Two Bids For US Exchange-Traded Funds Withdrawn

Investing, News, Regulation | September 28, 2017 By:

Two bids to establish US exchange-traded funds in digital currencies have been pulled by their backers.

 Intercontinental Exchange Inc’s NYSE Arca exchange withdrew an application with the US Securities and Exchange Commission (SEC) yesterday to list Grayscale Investments LLC’s Bitcoin Investment Trust.

Meanwhile, Van Eck Associates Corp. withdrew a registration application, saying the filing review would be delayed until futures contracts on bitcoin are underway.

 “Although digital currency market regulation continues to rapidly evolve, at this time Grayscale does not believe there have been enough regulatory developments to prompt the SEC to approve,” said a statement from Grayscale. However, the firm is not abandoning plans, and said they would continue to talk to regulator agencies. Shares in the Bitcoin Investment Trust traded down today.

Bitcoin trackers already are running in Europe.  There are two other pending efforts in the US to establish digital currency exchanges.