Word on the street: SEC suspends bitcoin and ether ETN over confusion

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Summary

Despite a plunge of 90% from its all-time high, XRP is still the third-ranked crypto by market cap. This week Bloomberg announced that the 80% crypto rout this year was ‘officially’ deeper than the 78% Nasdaq drawdown in 2000 - losing $640 billion in market capitalization since January. The coin dipped on the news mid-week to $0.25.The option gave R3 the right to buy 5 billion XRP at a rate of $0.0085 each, $42.5m in total. The other outstanding cases relate to XRP being sold as a security.   Follow @AndrewBNC

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SEC suspends bitcoin and ether ETN over "confusion" (med impact)

On Monday, the SEC suspended until September 20 the trading of two exchange-traded notes (ETN) from trading in the US, the Ether Tracker One and Bitcoin Tracker One issued by crypto fund provider XBT Provider AB, a subsidiary of the UK company CoinShares, due to confusion in their descriptions, according to the SEC.

Both ETNs are listed on the Nordic Nasdaq exchange in Stockholm and have been recently added to US fund manager Fidelity’s suite of products for customers in the US. The two funds offer investors exposure to the spot price performance of bitcoin and ether - though were described by the company as “non-equity linked certificates”.

“It appears … that there is a lack of current, consistent and accurate information concerning Bitcoin Tracker One (Ticker Symbol: CXBTF) and Ether Tracker One (Ticker...

Read the full article @ Brave New Coin