The Commission on securities and exchange Commission (SEC) on September 9, announced a temporary cease trade two investment products linked to the cryptocurrency. The Ministry clarified that they caused confusion among investors who could take them for ETF.
We are talking about products Bitcoin Tracker One and Tracker Ether One quoted by the Stockholm division of the Nasdaq stock market. They suspended trading in the United States until September 20.
Products are designed to track the value of bitcoin and ether and are called exchange traded bonds and ETN. In the US they were available via over-the-counter trade (OTC). In addition, their listing recently carried out in dollars, which was focused on American investors.
On the SEC website States:
Not enough relevant, consistent and accurate information. A description of these products in the U.S. and some trading platforms characterizes them as ETFs.
Reviews from the Issuer of the above products and the Nasdaq has not yet been reported.
The Commission on securities and exchange Commission maintains a strict stance against bitcoin ETF and other products related to cryptocurrency. Meanwhile, market players seek to promote other types of investment that allows you to trade digital currencies like regular securities.
Such products are sometimes mistakenly call ETF, although in reality the term refers to a similar but more strictly regulated product. Some companies, among them BlackRock, have called on regulators to standardize the terms concerning ETFs and other investment products.