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The Winklevoss Twins Bitcoin ETF Rejected By SEC

 

The SEC has rejected the proposal made by the Winklevoss twins to list Bitcoin ETF shares on BATS BZX Exchange. This is Cameron and Tyler Winklevoss’s second attempt to list the Winklevoss Bitcoin Trust’s commodity-based shares. The decision was voted down 3-1 by the SEC on Thursday.

SEC rejects Winklevoss bitcoin ETF proposal for the second time from CNBC.





The main factor behind the SEC’s decision was the belief that bitcoin markets aren’t uniquely resistant to manipulation, as well as concerns over fraud and investor protection. The SEC does specify that the decision is not based off an evaluation of whether Bitcoin and blockchain technology have any innovative or investment value.

“Despite today’s ruling, we look forward to continuing to work with the SEC and remain deeply committed to bringing a regulated bitcoin ETF to market and building the future of money.”

-Cameron Winklevoss on SEC’s rejection of Bitcoin ETF

There is another Bitcoin ETF application that is still active, the VanEck SolidX Bitcoin Trust. The SEC has yet to comment on the status of that application. In just this week, five other Bitcoin ETFs had deliberations delayed as companies are racing to try to get their ETFs the first to be approved.

It seems not all of the SEC’s members agree with the denial. Commissioner, Hester Peirce, has posted her dissent over the disapproval citing the decision undermines investor’s rights and protection and pushes innovation away from our markets.

Read Commissioner Pierce’s public dissent statement here.



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