11.28.18
SEC Chair Pours Cold Water on Digital Currency ETFs
by: Jeff John Roberts
SEC Chair Jay Clayton has expressed fresh concerns about cryptocurrency exchange-traded funds (ETFs). Speaking at the Consensus Invest summit, Clayton said he will only support ETFs in which the only risk to investors is related to the value of the underlying asset. “When you see an asset trade on NASDAQ or NYSE, there's a great deal of surveillance preventing you and I from teaming up and pretending we're decentralized. Those sort of safeguards don't exist in a lot of markets where digital currencies trade,” said Clayton. He added that the underlying assets in existing ETFs are not at risk of “theft or disappearance.”
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