Cryptocurrency ETFs Not Ready For Prime Time, SEC Says

Law360, New York (January 19, 2018, 4:19 PM EST) -- The Securities and Exchange Commission said late Thursday that cryptocurrency-related exchange-traded funds raise too many unanswered questions that fund companies must answer before the agency will consider approving such products for ordinary investors. 

In a letter to two Wall Street groups representing mutual funds and related asset managers, SEC Division of Investment Management director Dalia Blass explained the agency’s reservations about expanding access to cryptocurrency-based investment products to the wider public. Blass raised concerns ranging from liquidity problems to potential manipulation and warned sponsors against pursuing...
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