Bitcoin surged above $ 50,000 on Thursday for the first time since December 13th.
Cryptocurrency prices also took investors on a rollercoaster ride in 2021. It was noticeable how crypto became mainstream. The biggest change was that El Salvador was the first country to make Bitcoin legal tender. That year, the first exchange-traded fund tied to Bitcoin futures also began trading.
The U.S. Securities and Exchange Commission vetoed two proposals to offer exchange-traded Bitcoin funds, which dealt a blow to market participants who had hoped the agency would give the go-ahead after approving futures-backed Bitcoin funds in October would give, according to Reuters.
In a notice from the SEC on Wednesday, both proposals to list and trade shares in the Valkyrie Bitcoin Fund and the cryptoin Bitcoin ETF Trust were not up to standard.
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“(These suggestions) are not up to standard to prevent fraudulent and manipulative acts and practices and to protect investors and the public interest,” the SEC said.
The SEC approved two Bitcoin futures-based funds, the ProShares Bitcoin Strategy ETF and the Valkyrie Bitcoin Strategy ETF, in October.
ETFs are investment vehicles that track baskets of stocks and have become popular because of their lower fees.
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Democratic SEC chairman Gary Gensler and investor representatives reportedly worry about a lack of regulatory oversight and oversight, which, according to Reuters, increases the potential for fraud and tampering.
