The US Securities and Exchange Commission (SEC) has recently suspended trading in Bitcoin and Ethereum investment products in the two crypto investment vehicles issued by Swedish firm XBT Provider AB – following their entry into the market last month.
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The SEC has suspended the BTC and ETH trading due to “a lack of current, consistent and accurate information.” They also issued an order to halt the trading in Bitcoin Tracker One (CXBTF) and Ether Tracker One (CETHF) which are two investment products that track cryptocurrencies.
The Securities and Exchange Commission announced the temporary suspension of trading in the securities Bitcoin Tracker One (“CXBTF”) and Ether Tracker One (“CETHF”) commencing at 5:30 pm EDT Sept. 9, 2018 and terminating at 11:59 pm EDT Sept. 20, 2018. https://t.co/5z1vEYFBFB
— SEC_News (@SEC_News) September 9, 2018
Moreover, the two exchange-traded notes (ETNs) are issued by Swedish company XBT Provider AB – and have been listed on the Nasdaq Stockholm exchange since 2015. However, the company entered the US market last month, enabling domestic investors to access and invest in the crypto ETNs in an over-the-counter (OTC) market with their US dollars.
The main reason why SEC suspends these forms of trading can be understood from their statement, which reads:
“The broker-dealer application materials submitted to enable the offer and sale of these financial products in the United States, as well as certain trading websites, characterize them as ‘Exchange Traded Funds’,”
The SEC also explained its decision in the official order, citing that:
“The Commission is of the opinion that the public interest and protection of investors require a suspension of trading in the securities of the above-quoted company.”
They also claimed that the presence of ETNs in the US market resulted in “confusion amongst market participants” which is why they decided to halt these two investment vehicles.
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