US SEC Rejects Winklevoss Twins ETF, Again, While Commissioner Dissents
The U.S. Securities and Exchange Commission (SEC) has again rejected Tyler and Cameron Winklevoss’ application for a Bitcoin exchange-traded fund (ETF). The first rejection came in February 2017, with the SEC citing the largely unregulated nature of the BTC markets. This time, the SEC noted in its rejection that the Winklevoss’ application did not demonstrate that their exchange would be able to prevent fraudulent and manipulative acts. However, the SEC Commissioner officially dissented to the rejection, arguing that the SEC’s decision erred on three grounds: it focused on the underlying Bitcoin market, not the derivatives, it will inhibit institutionalization of the Bitcoin market, and it shows a “skeptical view of innovation.”
