Yesterday we got the news that stated Winklevoss ETF application being rejected by the SEC.
In our humble opinion this does not come a surprise and is no cause for concern. The Winklevoss twins have already been on the receiving end of an SEC ETF application rejection, so they tried again, to no avail.
At the moment there are about half a dozen ETF applications that have been submitted to the SEC by the CBOE and Direxion investments, as well as the recently rejected Winklevoss application.
The CBOE ETF application is the centre of attention and HAS "THE BEST CHANCE OF APPROVAL”!!!
Looking at the differences between the CBOE application and the Winklevoss application it us easy to see why.
The key difference between the two is target audience. The CBOE ETF is targeted at large/institutional investors with individual share allotments of 25 BTC. Something that is simply out of reach for the everyday retail investor.
The Winklevoss ETF on the other hand has an individual share allotment size of about 0.01 BTC, targeted towards retail investors.
The main responsibility of the SEC is to protect retail investors. The SEC has other stipulations such as custodianship and insurance which would have factored into their decision to reject the Winklevoss application.
The news this morning is just a stepping stone towards regulatory clarity. There are positive events on the horizon for both US BTC ETF's as well as overseas ETF's in countries like Japan.
We will be keeping our ear to the ground on the developments of BTC ETF applications.
So there is no worry for the current scenario, no matter what happens No one can decide about the approval of CBOE’s ETF Application until August 10 which is the official hearing date of ETF Application.
THE PRICE WHICH YOU’RE SEEING RIGHT NOW MIGHT NOT BE SEEN LATER SO KEEP IN MIND THIS IS THE RIGHT TIME TO BUY SOME BTC IF YOU’RE WAITING TO BUY BTC!
WE WILL KEEP YOU UPDATED.