Investing.com - Investment firms can't wait to create exchange traded funds based on Bitcoin and other cryptocurrencies.
Unfortunately, the U.S. Securities and Exchange Commission is ,
Like other regulators, the S.E.C. is worried about investor protections in a largely unregulated market.
There are more than a dozen applications for ETFs pending with the S.E.C,. some from top names in the business,
Not one has been approved. In fact, just recently, several firms, including ProShares, withdrew their applications.
It's unclear why, but its likely to be related to regulatory concerns.
The S.E.C. cited lack of regulation and the potential for fraud when it rejected the Winklevoss brothers' application for a Bitcoin-based ETF last year.