U.S. SEC rejects the Winklevoss’ twins second attempt at applying for a Bitcoin ETF.
The U.S. Securities and Exchange Commission (SEC) has rejected the application for a Bitcoin exchange-traded fund by brothers Tyler and Cameron Winklevoss. The news was broken by CNBC Thursday, July 26.
The WInklevoss twins’ first application for a Bitcoin ETF was rejected by the SEC in February 2017. The stated reason, back then, was the largely unregulated nature of Bitcoin (BTC) markets. The agency said back then:
”When the spot market is unregulated--there must be significant, regulated derivatives markets related to the underlying asset with which the Exchange can enter into a surveillance-sharing agreement.”
CNBC reports that the SEC published a new “release” Thursday, July 26, saying that it does not support the Winklevoss’ claim that crypto markets are “uniquely resistant to manipulation,” rejecting the twins’ second application made in June.