The SEC says that the decision was made in an attempt to protect investors from market manipulation.
The United States SEC has rejected another attempt by Cameron and Tyler Winklevoss, founders of the Gemini cryptocurrency exchange and noted Bitcoin billionaires, to list shares of what would have been the world’s first Bitcoin exchange-traded fund (ETF).
If passed, the Winklevoss’ proposal would have had commodity-based shares from the Winklevoss Bitcoin Trust traded on the BATS BZX Exchange. The SEC voted down the proposal three to one.
SEC Says Its Top Priority is Protecting Investors
The SEC originally rejected an application for the “Winklevoss Bitcoin Trust” last year. However, a new proposal with a few changes in rules was submitted in June.
In a release published Thursday explaining the reasons for the second disapproval, the SEC stressed its position that the decision has nothing to do with whether or not bitcoin and Blockchain technology have inherent value as investments. Rather, the Commission explained that it was mainly concerned with protecting investors from market manipulation.
The SEC Rejected Notions that Bitcoin Isn’t Susceptible to Market Manipulation
In January, the SEC published an open letter explaining that there are "significant investor protection issues that need to be examined" before cryptocurrency ETFs and similar products can be offered to the public.
Therefore, it’s not terribly surprising that the Commission rejected BZX’s notion that the “geographically diverse and continuous nature of bitcoin trading makes it difficult and prohibitively costly to manipulate the price of bitcoin.”
#bitcoin breached 8k. Is ETFs approval by the SEC fueling its demand as it did back in 2016?
The SEC is asking for the public opinion regarding ETF decision and has received 10X the number of responses VS this past April.
What does August hold for Bitcoin? pic.twitter.com/4i587O3neE
— eToro (@eToro) July 24, 2018
The Commission also noted that it did not support the proposal’s claim that “[the bitcoin market is] generally is less susceptible to manipulation than the equity, fixed income, and commodity futures markets.”
Earlier this week, analyst Brian Kelly said that he believed the hype around the possible approval of the ETF was driving the price of Bitcoin up. He explained that the denial of the ETF by the SEC could hurt the price of Bitcoin in the short-term. Indeed, BTC has dropped by nearly four percent in the last 24 hours (at press time.)
The United States SEC has rejected another attempt by Cameron and Tyler Winklevoss, founders of the Gemini cryptocurrency exchange and noted Bitcoin billionaires, to list shares of what would have been the world’s first Bitcoin exchange-traded fund (ETF).
If passed, the Winklevoss’ proposal would have had commodity-based shares from the Winklevoss Bitcoin Trust traded on the BATS BZX Exchange. The SEC voted down the proposal three to one.
SEC Says Its Top Priority is Protecting Investors
The SEC originally rejected an application for the “Winklevoss Bitcoin Trust” last year. However, a new proposal with a few changes in rules was submitted in June.
In a release published Thursday explaining the reasons for the second disapproval, the SEC stressed its position that the decision has nothing to do with whether or not bitcoin and Blockchain technology have inherent value as investments. Rather, the Commission explained that it was mainly concerned with protecting investors from market manipulation.
The SEC Rejected Notions that Bitcoin Isn’t Susceptible to Market Manipulation
In January, the SEC published an open letter explaining that there are "significant investor protection issues that need to be examined" before cryptocurrency ETFs and similar products can be offered to the public.
Therefore, it’s not terribly surprising that the Commission rejected BZX’s notion that the “geographically diverse and continuous nature of bitcoin trading makes it difficult and prohibitively costly to manipulate the price of bitcoin.”
#bitcoin breached 8k. Is ETFs approval by the SEC fueling its demand as it did back in 2016?
The SEC is asking for the public opinion regarding ETF decision and has received 10X the number of responses VS this past April.
What does August hold for Bitcoin? pic.twitter.com/4i587O3neE
— eToro (@eToro) July 24, 2018
The Commission also noted that it did not support the proposal’s claim that “[the bitcoin market is] generally is less susceptible to manipulation than the equity, fixed income, and commodity futures markets.”
Earlier this week, analyst Brian Kelly said that he believed the hype around the possible approval of the ETF was driving the price of Bitcoin up. He explained that the denial of the ETF by the SEC could hurt the price of Bitcoin in the short-term. Indeed, BTC has dropped by nearly four percent in the last 24 hours (at press time.)
Rachel is a self-taught crypto geek and a passionate writer. She believes in the power that the written word has to educate, connect and empower individuals to make positive and powerful financial choices. She is the Podcast Host and a Cryptocurrency Editor at Finance Magnates.
South Korea Adopts Crypto Staking as Competition Intensifies among Exchanges: Report
Hannelé De Necker, CEO, IFX Brokers | FMAS:24
Hannelé De Necker, CEO, IFX Brokers | FMAS:24
1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
See you there!
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
See you there!
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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FMAS:24 | Sneak Peak
FMAS:24 | Sneak Peak
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa