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- Banca IMI Securities to Pay $35Mn for Improper Handling of ADRs in Continuing SEC Crackdown
- Members of White House ‘Arts Panel’ Resign En Masse in Protest of Trump
- FINRA Whiffs on Disciplinary Sanction: Bill Singer's 'Negligent Market Manipulation in OTC Stock Promotion'
- Heather Heyer’s Mother Says, ‘I’m Not Talking to the President’
- Goldman Sachs May Have Lost $100Mn on Energy Bet Gone Wrong
- SEC Drops Case Against Ex-JPMorgan Traders Over 'London Whale'
- Financial Advisers That Invest in Technology Need to Accomplish These Two Things
- FINRA Amends Codes Regarding Expedited Arbitrator List Selection
- FINRA July 2017 Quarterly Disciplinary Review (Podcast)
- Senior Exec in Citigroup's Equities Unit Has Left
- Prudential Plotting its Escape From Fed's Tough Oversight
- Why CEOs Spurned Trump's Business Councils, in Their Own Words
- A Stockbroker, Her LLC, and Her Customers' Loans (Or Investment?) - Bill Singer
- Brian Quintenz Sworn In as CFTC Commissioner
- A Gary Cohn Resignation Would 'Crash the Markets' – Mgmt Guru Jeffrey Sonnenfeld
- Trading Firm DRW to Buy RGM Advisors - As Low Volatility Forces Out Weak HFT Players (subsc reqd)
- Reputational Damage - Rajat Gupta on Hard Road to Recovery
- 7th Circuit Affirms Spoofing Conviction - Bill Singer
- Wells Fargo Announces Board Changes
- Judge Rules Against Ex-Goldman Employee in Fed Leak Case
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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.