Investing.com - 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 to investors.
Bitcoin declined 2% to $5,048.9 by 11:28 PM ET (03:28 GMT). Ethereum lost 4.2% to trade at $161.29, XRP slipped 1.9% to $0.31919 and Litecoin was down 5.6% to $78.433.
The SEC has found in multiple occasions that “blockchain” was misleadingly used in some funds’ names and will now refuse to allow the term to be used 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 Traveller, 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.