Original Message:   Somebody's not paying enough bribes - SEC shoots down ETF application from Bitcoin again.

If I understand it correctly, an ETF (exchange-traded fund) is a financial instrument which involves buying/selling securities linked to the price of cryptocurrencies (spot trading and futures) like Bitcoin (et al). Short verson is the SEC commission which reviews applications for ETF creation concluded the company trying to get the approval cannot assure investors that they are adequately protected against fraud. 

Interesting that there are people arguing about that  - it concerns a product that has no tangible real-asset value (cryptocurrency is nothing more than a series of coded ones/zeros in a block of digital data) IOW it is not fungible at all as a stand-alone asset.  

I understand that it is complicated and there may be applications of cryptocurrencies that have merit, but it has always seemed like trying to place a value on smoke or a sandcastle. 

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