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U.S. Regulators to Review Decision Denying Bitcoin ETF Filing

Reuters
Forget Powerball and Mega Millions. This Bitcoin Lottery Has Better Odds

The U.S. Securities and Exchange Commission plans to review its decision last month to block the listing of the first U.S. exchange-traded fund tracking the digital currency bitcoin, a regulatory filing showed on Tuesday.

A more-than-three-year effort by investors Cameron and Tyler Winklevoss to convince the SEC to allow it to bring the Bitcoin ETF to market stalled when the agency’s staff ruled against them in March.

Bitcoin is a virtual currency that can be used to move money around the world quickly and with relative anonymity, without the need for a central authority, such as a bank or government. A fund holding the currency could bring more professional investors to the asset and push its price higher.

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Yet bitcoin presents a new set of risks to investors given its limited adoption, a number of massive cybersecurity breaches affecting bitcoin owners and the lack of consistent treatment of the assets by governments.

Bitcoin traded up 1.7% at $1274.99 earlier on Tuesday. The digital currency has rebounded after initially plunging following the SEC’s initial decision calling the digital currency market “unregulated.”

CBOE Holdings’s cboe Bats exchange had applied to list the ETF and appealed to the commission to review its staff’s decision. The exchange did not immediately respond to a request for comment.

This article was originally published on FORTUNE.com