SEC cools traders’ hot plans for cryptocurrency-based exchange traded funds

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The U.S. Securities and Exchange Commission has serious concerns about the securities industry’s plans to create exchange traded funds around cryptocurrency.

In a strongly worded letter to the heads of the Securities Industry and Financial Markets Association and the Investment Company Institute, the director of the division of investment management, Dalia Blass said that there were “significant outstanding questions” around how funds that held large amounts of cryptocurrencies (and related products) would satisfy the necessary regulatory requirements.

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