RATE Group | SEC Has Temporarily Suspended a Bitcoin ETN, is the Market Affected?
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SEC Has Temporarily Suspended a Bitcoin ETN, is the Market Affected?

11 Sep SEC Has Temporarily Suspended a Bitcoin ETN, is the Market Affected?

Posted at 00:52h in Bitcoin News by

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sec suspends bitcoin tracker one trading

In July, Sweden’s XBT Provider introduced a Bitcoin exchange-traded note (ETN) to the US market. This week, the US Securities and Exchange Commission (SEC) suspended the ETN for 10 days.

On September 10, the SEC released an official statement regarding its decision to suspend the Bitcoin Tracker One ETN for ten days, until Sep.t 20. The statement, released on the SEC website, explicitly stated that the two ETNs of XBT Provider caused confusion amongst investors.

Essentially, the SEC has said that Bitcoin Tracker One (CXBTF) and Ether Tracker One (CETHF) directly or indirectly misled investors by marketing the two products in a way that did not clearly describe the difference between an ETF and an ETN on digital assets.

The SEC said:

“The Commission temporarily suspended trading in the securities CXBTF and CETHF because of confusion amongst market participants regarding these instruments. This order was entered pursuant to Section 12(k) of the Securities Exchange Act of…

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