Bitcoin ETFs Hit Regulatory Road Block
- SEC raises concern over ‘liquidity, valuation’ of bitcoin
- Direxion, Exchange Listed Funds, ProShares, VanEck drop bids
Bitcoin Slides Amid Regulatory Concerns
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The race for the first bitcoin ETF has hit a regulatory speed bump.
In the past 24 hours, four prospective issuers withdrew requests at the U.S. Securities and Exchange Commission for approval to list exchange-traded funds based on the largest cryptocurrency. Direxion Shares ETF Trust said the regulator “expressed concerns regarding the liquidity and valuation of the underlying instruments” its proposed fund would invest in.