The US Securities and Exchange Commission (SEC) took another step backward from Bitcoin this morning by suspending all trading in securities of Bitcoin Generation (BTGN), the first publically traded cryptocurrency exchange.
The suspension will take place from 9:30 AM EDT to 11:59 PM May 10. The SEC announced that this will be a temporary suspension of trading in the securities of Bitcoin Generation, a publically traded cryptocurrency exchange from Bartlesville, Oklahoma.
Purportedly behind the suspension are key concerns about the accuracy and validity of information BTGN has put in the marketplace. Specifically, the regulator points to public statements over the viability of a bond BTGN allegedly acquired from a UK-based entity.
Moreover, the amount of BTGN’s outstanding common stock and promotional activity have been called into question. The Securities and Exchange Commission is also concerned over the impact that its promotional activity has on the market. There are even doubts over the lack of public information…