The product, which allows investors to purchase virtual currencies on their exchange, hits the market at a low point for bitcoin.

Chairman Jay Clayton said he remains worried that cryptocurrency can be too easily stolen or manipulated on exchanges.

Concerns include preparing for new SEC reporting rules and modernizing operational infrastructure.

The new platform will support bitcoin and Ether early next year and offer over-the-counter trade execution and order routing.

"It’s still a very sketchy area," one accounting professional says.

The lack of guidance from the IRS makes it a daunting task.

As the IRS steps up its scrutiny of virtual currency, reporting the transactions correctly is essential.

Given the steep rise in the price and use of virtual currencies, expect clients to have questions.

A growing chorus of firms such as Fidelity, Citigroup and Goldman Sachs have announced plans for a variety of services around cryptocurrency trading.

The SEC, wary of bringing crypto to the masses, postponed a decision last week from VanEck and SolidX and rejected a proposal from the Winklevoss twins.