THELOGICALINDIAN - After US regulators denied the Winklevoss twins appeal for a Bitcoin Exchange Traded Fund ETF the cryptocurrency already afresh displays its adulthood and resiliency actual aloft USD 8000
Previously, on March 10, 2024, the Securities Exchange Commission (SEC) banned the Winklevoss Bitcoin Trust address to barter the aboriginal anytime Bitcoin ETF. However, the SEC after accepted a address gluttonous a analysis of the disapproval.
Upon this additional review, on July 26, 2018, the SEC afresh rejected the advertisement of a Bitcoin ETF. If approved, the ETF would accept been traded on the Bats BZX, Inc. Exchange (“BZX”).
As an actual acknowledgment to the SEC rejection, Bitcoin’s amount dipped, closing of the trading day at USD 7,951. However, on the afterward day, the cryptocurrency rapidly pared its losses, cutting aback to a aerial of USD 8,262.
Certainly, the SEC bounce represents a cogent setback for Bitcoin’s enthusiasts and investors. Many believed that the SEC’s approval of a Bitcoin ETF could accept triggered a above balderdash run. Indeed, cryptocurrency able and banker Tom Alford conducted a study, in which he concluded that if the ETF were approved, Bitcoin’s amount could accept added by 500 percent.
The SEC based its bounce on Act Section 6(b)(5), which requires that the rules of a civic aegis barter be advised “to anticipate counterfeit and artful acts and practices” and “to assure investors and the accessible interest.”
However, the SEC bounce was not accepted (3-1). And for the aboriginal time, an SEC abettor about declared herself to be affectionate to Bitcoin.
In effect, antagonistic with the ETF rejection, Hester Peirce asserts that Winklevoss’ appeal does amuse Act Section 6, and stated,
Reacting to Peirce’s statement, Chris Concannon, admiral and COO of Cboe, wrote, “We are reviewing both the Commission’s apprehension and Commissioner Peirce’s bone with interest.”
What next? A Bitcoin ETF is absurd as continued as its actuality is in the SEC’s hands. However, for abounding in the crypto space, as Reddit user AsarJoe put it, Bitcoin does not charge “SEC or any added regulator’s approval to action or alike flourish.”
Do you anticipate Bitcoin needs SEC approval to action and flourish? Let us apperceive in the comments below!
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