US SEC to review decision rejecting bitcoin ETFs
Updated : August 24, 2018 07:31 AM IST
Staff at the SEC on Wednesday rejected applications for new funds from three companies, suggesting they were not yet convinced that the products would not be subject to fraud or manipulation.
SEC staff have delegated authority to make a decision on such applications, meaning the commissioners and the SEC chairman have the power to review the decision if they desire.
Bitcoin was trading up nearly 2 percent at $6,480 on the Luxembourg-based Bitstamp exchange on Thursday after the SEC posted the letters.