The Wall Street Journal: SEC again shoots down bitcoin-based ETF applicat…

The Wall Street Journal: SEC again shoots down bitcoin-based ETF applicat…

SEC again shoots down bitcoin-based ETF applications

The Securities and Exchange Commission rejected applications for nine separate bitcoin-based exchange-traded funds on Wednesday, once again thwarting an attempt to build an ETF product based upon the volatile cryptocurrency.

The commission’s Division of Trading and Markets issued three orders late Wednesday, one for each of the applications, from the firms ProShares, Direxion and GraniteShares.

The bitcoin industry has been trying for years to get an ETF approved by the commission, beginning four years ago with one proposed by Cameron and Tyler Winklevoss. That ETF has been rejected twice. Another proposal from a firm called SolidX has also been rejected.

A spokesman for ProShares declined to comment. Representatives for Direxion and GraniteShares didn’t immediately respond to requests for comment. The price of bitcoin BTCUSD, +0.49% was down 3% at $6,279.

An expanded version of this report appears on WSJ.com.

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