The SEC just rejected 9 bitcoin ETF applications, citing manipulation fears — but bitcoin is actually rising

Scott Olson/Getty Images

• The US Securities and Exhanges Commission rejected nine bitcoin ETF proposals late on Wednesday.
• The watchdog cited concerns about possible price manipulation and insufficient market oversight.
• There is as yet no fully regulated bitcoin ETF product.
• Bitcoin bulls believe that if one is approved, it will expand the market by bringing in new investors.
• You can follow the live bitcoin price on Markets Insider.

---

LONDON — The US Securities and Exchange Commission (SEC) has rejected nine applications to create a bitcoin exchange-traded fund (ETF) in a blow to bitcoin bulls who had hoped such a product would prove a breakthrough for institutional adoption.

Late on Wednesday, the SEC rejected an application for two products from ProShares, two from GraniteShares, and five other proposals from Direxion. It means the world is still waiting for its first fully regulated bitcoin ETF product.

See the rest of the story at Business Insider

NOW WATCH: Stock trading is a 'monotheistic religion' — a JPMorgan chief strategist reveals the one thing that will keep the market soaring

See Also:

• Bitcoin spiked after a major trading platform went down, and it created a golden opportunity for traders
• The head of the Swiss stock exchange's new crypto platform thinks bitcoin is 'hope and hype' but says digital assets 'are here to stay'
• Ex-Tesla employee alleges Elon Musk authorized spying on workers in bombshell SEC tip

SEE ALSO: 'You're literally shifting deck chairs on the Titanic': Here's why the SEC probably won't approve a bitcoin ETF anytime soon

from Business Insider https://ift.tt/2wnRaSQ