Date: 3 months ago   Category: Economy

SEC temporarily stops trade in exchange notes for bitcoin and Efirium


The U.S. Securities and Exchange Commission (SEC) has temporarily stopped trade in exchange notes (ETN), derivative cryptocurrency tools - Bitcoin Tracker One (CXBTF) and Ether Tracker One (CETHF). SEC declared

In the official release which is released on September 9 the temporary termination of trade in exchange notes under the name Bitcoin Tracker One and Ether Tacker One.

of Bitcoin Tracker One was on sale on the Nasdaq stock exchange from Stockholm since 2015, but only since August of this year they became available to the American investors. Bitcoin Tracker One has been offered by the parent company CoinShares Holdings, LTD.

according to the cofounder and the chief analyst of fund Fundstrat, Volumes Tom Lee, products of ETN have a lot of bitcoin, similar from long-awaited ETF. Trade of ETN reminds acquisition of the American depository receipt. It means that the trader will see the assets which are in foreign currency, in US dollars.

Though the auction are carried out in US dollars, they are cleaned, regulated and contain in storage in domestic market, in a case with bitcoin and Bitcoin Tracker One is Sweden.

However, according to the legal expert, Jake Chervinsky, a problem which SEC faces - it is actually trackers of CXBTF and CETHF, but not bitcoin or air. As in the official decision of SEC on stay it is said that the problem consists in lack of clearness and consecutive information on these products, for example, whether they are ETF, ETN or something another, - Chervinsky has said. What is ETF? Really, in official release it is said: The commission has temporarily suspended trade in securities of CXBTF and CETHF because of confusion of participants of the market concerning definition and understanding of these tools. Meanwhile the bitcoin continues to dominate in all cryptoforeign exchange market. At the time of writing domination of bitcoin, that is a share of the first cryptocurrency in the market, makes 55,9% - it is the highest rate since December 17, 2017.

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