Bitcoin falls after Winklevoss twins face ETF rejection

Bitcoin falls after Winklevoss twins face ETF rejection

And one SEC commissioner stood up against the decision. BZX then filed a petition seeking review of the disapproval.

The Winklevoss ETF could have failed not because it is a Bitcoin ETF, but because of the way in which it was constructed. In filing for the ETF, BZX proposed a rule change with hopes that the new proposal would be accepted. The fund that is proposed "would allow institutions to play a bigger role in the Bitcoin market, which I think would be good for the market and be good for retail investors as well". The initial application was rejected on March 10, 2017.

Perhaps what was thought to be a positive indication for enthusiasts was how the SEC stipulated not to necessarily be prejudiced against cryptocurrencies. Their latest decision places blame on the proposal rather than its particular elements. Section 6 (b)(5), however, instructs the Commission to determine whether "t$3 he rules of the exchange" are, among other things, "designed to prevent fraudulent and manipulative acts and practices [and] to promote just and equitable principles of trade", and "are not created to permit unfair discrimination between customers, issuers, brokers, or dealers". Given the vast, global scale of the market, there's no way to guarantee investor protections against fraud and manipulation, the SEC claims. Since all fans see it as the "holy grail" of financial investment products. On the first working day of the decentralized crypto exchange DEX Waves the hackers carried out a successful attack, the funds were not stolen, but users's data could leak. The bitcoin variety would likely be a basket of different crypto investments, diversified and relatively low cost like mutual funds. And, especially with regard to decentralized digital assets, the complication of holding keys, a wallet, and figuring out custody or storage is all taken care of. By the way, retail investors are very familiar with ETFs.

But, for now, despite the sum of their efforts, the Winklevoss twins must return to the drawing board - and not come back until they can prove that Bitcoin is not overtly prone to manipulation.

In a 92-page opinion on Thursday, the commission said it rejected an argument from the twins that "intrinsic properties of bitcoin and bitcoin markets make manipulation 'difficult and prohibitively costly'".

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Says that: "'(No) current trading venue in the worldwide bitcoin spot market is a regulated market'".

At the time of writing, Bitcoin trades at $8,124.19 according to CoinMarketCap.

It also led to SEC commissioner, Hester Peirce, tweeting angrily about the decision which was passed by 3 to 1, and linking the curt tweet to her public statement of dissent on the SEC website. If we had been to approve the ETP at concern here, traders could select whether to get it or prevent it. The Commission's action today deprives investors of this choice.

The commissioner outlines that the SEC bases its decision on issues that the decision itself can help to improve - something that showcases the lack of an "efficient vehicle", which further undermines investor protection.

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