US Securities and Exchange Commission halts trading in two cryptocurrency products
The U.S. Securities and Exchange Commission (SEC) said on Sunday it was immediately suspending trading in two investment products that track cryptocurrencies, citing confusion in the markets over whether the products are exchange-traded funds (ETFs).
In accordance the SEC’s statement, pursuant to Section 12(k) of the Securities Exchange Act of 1934 (the “Exchange Act”), SEC temporary suspends the trading in the securities Bitcoin Tracker One (“CXBTF”) and Ether Tracker One (“CETHF”) commencing at 5:30 p.m. EDT on September 9, 2018, and terminating at 11:59 p.m. EDT on September 20, 2018.
This order was entered pursuant to Section 12(k) of the Securities Exchange Act of 1934 (Exchange Act).
SEC cautions broker-dealers, shareholders, and prospective purchasers that they should carefully consider the foregoing information along with all other currently available information and any information subsequently issued by the company.
The products promise to track the price of the cryptocurrencies, less fees. They are both listed on a Nasdaq Inc exchange in Stockholm, Sweden, but trade “over the counter” in transactions that occur off exchanges within the United States.
Digital currency, including bitcoin and ether, can be used as a way to transfer money around the world quickly and with relative anonymity.
Source: SEC
Read also: 5 Things you should know about trading cryptocurrency in 2018
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