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- 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
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Wall Street News
SEC Denies Application to List SolidX Bitcoin ETF
For the second time in just over 2 weeks, the SEC has denied an application to list an exchange-traded fund (ETF) that would track the bitcoin, a digital currency. Today’s application had been filed by NYSE Arca, which sought to list and trade the SolidX Bitcoin Trust. On March 10, BATS had applied to list and trade the Winkelvoss Bitcoin Trust. [Click on Financialish, 3/10/17]
The SEC has expressed continued concern over the volatility of this virtual currency, and market reaction following the SEC rejection has shown that the concerns are real. After the SEC denied the Winkelvoss Trust application, bitcoins fell in price by as much as 18% against the dollar, to $978.76 a bitcoin. Prior to today’s SEC announcement, bitcoins were trading at about $1,055.
There remains one bitcoin application with the SEC – filed last year for the Grayscale Investments Bitcoin Investment Trust.