Cryptocurrency Prices Fell On Tuesday in Asia as the U.S. Securities and Exchange Commission (SEC) cracked down on ETF names that could be misleading investors.
Bitcoin declined 2% to $5,048.9 by 11:28 PM ET (03:28 GMT). Ethereum lost 4.2% to $161.29, XRP slipped 1.9% to $0.31919 and Litecoin was down 5.6% to $78.433.
The SEC has found on multiple occasions that “blockchain” was misleadingly used in some funds’ names and will now refuse the term to be mentioned in the title of any fund.
“Issuers are prohibited from using “materially deceptive or misleading” names under the Investment Company Act of 1940,” the SEC said.
In other news, Corporate Traveler, the largest travel management firm in the U.K., will now accept Bitcoin as a payment method, according to a press release on April 15.
“We identified an increasing demand from our clients for the option to pay in bitcoin for business travel bookings made by our travel consultants. We chose BitPay to manage our merchant processing because they make it easy and handle the entire process of getting the Bitcoin or Bitcoin Cash from the customer and depositing cash into our account,” the company said.
Elsewhere, French Finance Minister Bruno Le Maire said on Monday that France will ask the European Union to adopt a regulatory framework it approved last week.
“I will propose to my European partners that we set up a single regulatory framework on crypto-assets inspired by the French experience,” Le Maire said in Paris at an event on blockchain technology. “Our model is the right one.”
A financial sector law that included regulations aimed at encouraging cryptocurrency issuers and traders to set up in France by giving them some official recognition was approved in France last week.
Currently, cryptocurrencies are still largely unregulated or banned in most countries.