The period of exchange traded funds (ETFs) for Bitcoin may begin with the acceptance of the CBOE's application by the SEC. But we witnessed that the Winklevoss twins rejected the Bitcoin ETF application while the SEC was expected to make a decision for the CBOE's application. SEC, against price manipulation of Bitcoin ETF product of Winklevoss twins .
The period of exchange traded funds (ETFs) for Bitcoin may begin with the acceptance of the CBOE's application by the SEC. But we witnessed that the Winklevoss twins rejected the Bitcoin ETF application while the SEC was expected to make a decision for the CBOE's application.
SEC believes that the Winklevoss twins will not be resistant to price manipulation of the Bitcoin ETF product, but there are strong reasons for CBOE's approval of the VanEck Bitcoin ETF. Mati Greenspan, a senior market analyst at eToro, a social trading platform, believes in a SEC endorsement.
"CBOE's VanEck ETF has been specifically tailored to the needs of institutional investors," Greenspan said. The contract size was set at 25 BTC, corresponding to 200,000 dollars according to today's prices. So it's definitely not for an ordinary citizen. A free investment fund that manages billions of dollars does not want to deal with things like private keys and cold storage when thinking about diversifying their porphyry with Bitcoin. They also need the trustworthiness of a trusted counterpart and a regulated stockbroker. Moreover, VanEck's BTC ETF is fully insured. "
Greenspan says that the Winklevoss twins' rejection of the application is not important, and is not expected to be approved anymore, the CBOE's application is unlikely to be decided until March 2019.
On the other hand, Hester Peirce, one of the SEC's three commissioners, reported that the SEC's Winklevoss twins did not participate in the objection of the Bitcoin ETF application. "Apparently Bitcoin is not mature enough, respectable, or well-judged to be worthy of our market," Peirce said. I do not accept that, "he said. This view, which the Commissioner clearly shared through his Twitter account, received great support from the community as well. The tweet was liked by 7 thousand 500 times while being retweeted by more than 3 people