Bitcoin Slips as SEC Says A Lot Needs to Be Done Before Approving ETF

10 September 2019, 19: 11
© Reuters.

Bitcoin prices slipped as the U.S. Securities and Exchange Commission (SEC) said a lot needs to be done before it could approve a Bitcoin ETF.


Bitcoin lost 0.3% to $10,288.0 by 1:30 AM ET (05:30 GMT). The digital coin has been trading sideways for most of the day but seems to have received some support near the $10,000 mark.


The SEC must make sure prices on the unregulated exchange is not manipulated, said Jay Clayton, chairman of the SEC, in an interview with CNBC on Monday.


Clayton noted that a Bitcoin ETF is possible and significant steps have been taken to address some concerns about the proposal, there is still “work left to be done.”

Last month, the SEC delayed its decision on whether to approve three proposals for bitcoin exchange-traded funds.

"The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider this proposed rule change," according to an SEC document released last month.

Other major cryptocurrencies traded higher today. Ethereum was up 2.1% to $182.56, XRP rose 0.7% to $0.26136, while Litecoin jumped 3.9% to $307.49.