January 9, 2018 / 1:05 AM / a year ago

Fund managers say U.S. regulator told them to suspend bitcoin bids

A Bitcoin logo is seen on a cryptocurrency ATM in Santa Monica, California, U.S., January 4, 2018. REUTERS/Lucy Nicholson

NEW YORK (Reuters) - Two U.S. companies withdrew proposals to launch bitcoin-based exchange-traded funds pending before the Securities and Exchange Commission (SEC) on Monday, citing ongoing concerns by the regulatory agency, filings showed.

Staff at the SEC “expressed concerns regarding the liquidity and valuation” of futures based on the digital assets, according to one of the filings. The SEC could not immediately be reached for comment.

Reporting by Trevor Hunnicutt; Editing by Sandra Maler

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