The SEC rejected Anthony Scaramucci’s proposal to launch a Bitcoin-based investment fund, saying it would be too risky for investors
01/20/2022 02:00 PM ESTThe Securities and Exchange Commission Thursday rejected Anthony Scaramucci’s proposal to launch a Bitcoin-based investment fund,The proposal by Scaramucci — a financier best known for his 10 days as former President Donald Trump's communications director in 2017 — would have let investors on the New York Stock Exchange buy shares in a fund backed by the Bitcoin digital currency.
The fund proposed by Scaramucci's hedge fund SkyBridge Capital and investment firm First Trust is one of several Bitcoin-backed ETFs that the SEC has blocked. SEC Chair Gary Gensler has resisted giving the green light to the funds amid concerns that the volatile digital asset market backing them remains opaque and unregulated.
The SEC's refusal to approve Bitcoin funds like Scaramucci's has triggered a backlash from crypto-friendly lawmakers and investment firms, including some who argue that the agency is breaking the law by holding up the applications.
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