SEC rejects nine proposals for bitcoin ETFs

(Reuters) - The U.S. Securities and Exchange Commission (SEC) on Wednesday rejected applications for nine bitcoin-based exchange-traded funds (ETF) from three separate companies.

FILE PHOTO: The seal of the U.S. Securities and Exchange Commission hangs on the wall at SEC headquarters in Washington, U.S., June 24, 2011. REUTERS/Jonathan Ernst/File Photo

ETF provider Direxion proposed to list and trade five bitcoin ETFs, while GraniteShares and ProShare presented two each, all of which were rejected by the SEC. (bit.ly/2BC9PA9) (bit.ly/2LfDyP6)

Bitcoin BTC=BTSP was trading up 1.07 pct at $6422.99on Luxembourg-based Bitstamp exchange at 0058 GMT on Wednesday. 

Reporting by Nikhil Subba in Bengaluru

(Original source)