/Sponsors Withdraw Two Proposals To List Out Bitcoin Funds In The U.S.
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Sponsors Withdraw Two Proposals To List Out Bitcoin Funds In The U.S.

An attempt to allow investors to perform trading in digital currencies similarly as the stocks bumbled when supporters withdrew two proposals to list U.S. bitcoin funds.

ICE.N (Intercontinental Exchange Inc’s) NYSE Arca exchange withdrew an application on Wednesday including the U.S. SEC (Securities and Exchange Commission) to list Grayscale Investments LLC’s Bitcoin Investment Trust.

On Wednesday, Van Eck Associates Corp dragged a registration document for a bitcoin fund after commenting that the SEC stated them they would not give feedback to the filing until contracts on the cryptocurrency initiate trading in future.

“Though, cryptocurrency market legalization continues to evolve fastly, at present Grayscale doesn’t believe there have been satisfactory regulatory improvements to prompt the SEC to accept the application,” Grayscale stated. They explained that they would continue their sentence with regulators.

The Bitcoin Investment Trust has recently traded “over the counter” in less developed exchange platforms instead of those that are used for more formal stocks and offers higher prices than the bitcoin it keeps.

Shares’ trading dropped by 3.2% to $715.50 on Thursday, more than the issuer’s evaluation that its bitcoin assets are worthy of $386.60/share.

GBTC shares grew approx. 500% this year, more than the 332% increase of bitcoin BTC=BTSP to higher than $4,100.
The flashing increase in the currency prompted JPMorgan Chase & Co CEO Jamie Dimon this month to state bitcoin as “a fraud” that would blow up.

Bitcoin can be used to transfer money with more anonymity, and it excludes the need for a central authority like government or bank.

SEC approval could attract more investors to the asset, though, the regulatory agency has some doubts on the bitcoin market that is unregulated. The SEC refused to comment. NYSE could not be approached.

The SEC blocked two potential bitcoin products in March 2017, including one supported by Cameron and Tyler Winklevoss, investors well-known for feuding with Facebook Inc founder Mark Zuckerberg.

An offer to list a product dependent on Ether, another successful digital currency after Bitcoin, was also pulled this month.
Bitcoin-tracking products are already being traded in Europe, and one is being traded majorly in Canada too.

Regulators have not counterbalanced in on two other attempts to drag a digital currency to U.S. exchanges, having an offer filed on Wednesday through ProShare Capital Management LLC for a fund that is supposed to shorten bitcoin’s durability in future, claiming that its price will drop.