Bitcoin and ether tracker suspensions are 'normal' SEC reaction, says TETF CIO
Mike Venuto (pictured), CIO of Toroso Investments and co-founder of the TETF index, which is designed to mirror the ETF industry, has commented on yesterday’s news that the SEC has suspended trading in XBT Provider’s Bitcoin Tracker One and Ether Tracker One.
Venuto says: “I think this is a normal reaction by the SEC. They haven’t shut down the tracking shares, they took a pause to clarify the messaging. It makes sense, most of the media misunderstood what these tracking securities actually tracked. Additionally, many of the custodians like TD and Schwab had not made them available yet anyway. Fidelity was the most progressive in allowing access and trading to these securities even before the tracking stocks were issued. This is a tracking security of an ETN listed in Europe that is designed to track specific crypto assets. That clarity was lost in the US media.”
- SEC suspends Bitcoin Tracker One and Ether Tracker One
- Special Report: Cryptocurrency & bitcoin 2018