U.S. regulators rejected an exchange-traded fund based on bitcoin, wiping out weeks of gains for the digital currency as investors speculated the Securities and Exchange Commission would approve the security.
The SEC refused to grant an exemption that would have let the Winklevoss Bitcoin Trust trade on the Bats BZX Exchange, according to a filing posted March 10 on the regulator’s website. The decision ended a months-long rally that pushed the virtual money’s value higher than gold. Bitcoin fell as much as 18 percent against the dollar to $978.76 after the decision, the lowest intraday price in a month.
The ...
Learn more about Bloomberg Law or Log In to keep reading:
See Breaking News in Context
Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.
Already a subscriber?
Log in to keep reading or access research tools and resources.