The SEC continued its tirade on cryptocurrencies, requiring all crypto exchanges to be registered through the agency. And Bitcoin took the hint, diving below $10,000.
Remember: The SEC recently sent subpoenas to companies (like Overstock) preparing Initial Coin Offerings. Now, big U.S. exchanges like GDAX (parent of Coinbase) and Gemini (run by the Winklevoss twins) will have to answer the agency’s long list of regulatory questions, including: Who can trade on the platform? How are prices set on the platform? Are platform users treated equally?
It wasn’t all bad for crypto
Coinbase brought home a big win. It’ll introduce its own index fund, wrapping Bitcoin, Bitcoin Cash, Ether, and Litecoin into one beautifully curated investment.
For the time being, the fund will only be available to U.S. accredited investors (i.e probably not you). Not to mention, the minimum investment is $10,000 with a 2% fee.
Bottom line: Both announcements point to a quickly maturing industry. A little hair on the crypto-chin, if you will.
This article provided by Morning Brew – your daily fix for everything business, from Silicon Valley to Wall Street. Click *here* to sign upw for the daily e-newsletter that cuts through the bs and gives you a quick and conversational round up of all things business every morning. Original article: https://www.morningbrew.com/stories/bitcoin-flops-10000-sec-cracks-whip/