BROWSE BY TOPIC
Stories of Interest
- This Family Bet It All on Bitcoin
- Clearinghouses Pass CFTC Liquidity Stress Tests
- President Trump Admits He’s Trying to Kill Obamacare. That’s Illegal.
- Trump Plunges Down List of ‘America’s Richest’
- Is Trump’s “Foreclosure King” in Over His Head?
- FBI Arrests NCAA Basketball Coaches and Adidas Rep in Bribery Probe Involving Recruitment
- Equifax CEO Steps Down Amid Hacking Scandal
- Litigation Costs to Rub Salt in RBS Investor Wounds
- RIAs Poised to Land Wirehouse Recruits - Dan Jamieson
- Citibank and U.K. Affiliate to Pay $550K Penalty for Swap Data Reporting Violations - CFTC
- AIG to Restructure into 3 New Units, Marking CEO's First Big Move
- Accounting Firm Deloitte Says It Suffered Cyberattack (subsc reqd)
- Upcoming FINRA Board Meeting and FINRA360 Update
- Elizabeth Warren Lifts Hold on Trump DOJ Antitrust Nominee
- Bigger Mergers Narrow Indy Reps' Options, Alter IBD Channel - Dan Jamieson
- Dentons to Merge with U.K.'s Murray & Spens
- BigLaw Hogan Lovells Announces Hundreds of Buyouts, Layoffs - Almost 500 Affected
- Faith-Based Advisor Censured for Selling Class A Shares to Clergy
- After FINRA Bar, CFP Board Suspends Texas Advisor
- iCapital Network to Acquire U.S. Private Equity Access Fund Platform from Deutsche Bank
We seek to provide information, insights and direction that may enable the Financial Community to effectively and efficiently operate in a regulatory risk-free environment by curating content from all over the web.
Stay Informed with the latest fanancialish news.
NEWSLETTERS & ALERTS
Wall Street News
Maybe Now You'll Understand Why the SEC Said ‘No’ to Bitcoin ETFs
In March, the SEC denied applications seeking permission to list Bitcoin ETFs. The Bats BZX Exchange wanted to list the Winklevoss Bitcoin Trust (3/10/17), and the NYSE Arca Exchange wanted to list the SolidX Bitcoin ETF.
There should have been little doubt that both those applications would be denied - because the bitcoin, the underlying financial instrument for each fund - is simply too volatile for the typical investor.
- Over the past 3 months, the bitcoin has traded as low as $891.51 (on March 25) and as high as $3,025.47 (on June 11) – that’s a $2,133.96, or 240%, differential. And, for the record, these prices were leverage-enhanced.
- Just 4 days after hitting its record price of $3,025.47 on 6/11, the price of a bitcoin traded as low as $2,185.96 on 6/15 - that’s a $839.51, or 28%, differential.
- Meanwhile, the global market value of digital currencies fell from a record of $117.21 billion on Monday to below $100 billion Thursday, according to CoinMarketCap.