SEC Wants More Time To Decide On Winklevoss Bitcoin Fund

THELOGICALINDIAN - It appears the US Securities and Exchanges Commission SEC needs added time to appraise the Winklevoss brothers Bitcoin exchangetraded armamentarium ETF A filing appear today appear added affairs to accept or blame a all-important aphorism change on the Bats BZX Exchange

Also read: Bitcoin Uncensored Exposed: Chris DeRose Definitely a CIA Shill

Commodity Rule Change Required

The exchange’s Rule 14.11(e)(4), apropos commodity-based assurance shares, needs to be adapted afore a cryptocurrency-based ETF may list.

The Winklevoss’ ETF, which they aboriginal appear three years ago, has faced repeated authoritative hurdles. They initially spent two years aggravating to account it on the Nasdaq, afore axis to Bats in mid-2016.

After the antecedent appliance in June, the SEC set a 45-day aeon for comments. It accustomed six — best infamously one from Bitcoin analyzer Jorge Stolfi in July. The Brazilian computer science bookish referred to Bitcoin application agreement like “ponzi” and “penny stock”.

That antecedent aeon asleep in August, which the SEC allegedly broadcast to this week. If there are added submissions, or the regulator cannot adjudge whether to accept the aphorism change or not, the appliance will acceptable be delayed into abutting year.

Just Another Step in a Long SEC Process

Thus today’s amend is apparently neither an abrupt delay, nor a assurance approval will appear soon. It’s allotment of the diffuse red band action such new concepts face back entering the bequest banking and equities barter system.

The Winklevosses are gluttonous ample and institutional investors for their ETF, and these investors cannot blow funds after the angary of a fully-regulated exchange. Approval would go some way against mainstreaming Bitcoin, and abounding apprehend a amount bound if/when it happens.

Given the cardinal of hacks, scams and added asperous exits at able Bitcoin trading platforms over the accomplished few years, and consistent fallout, the SEC’s alert access is not surprising.

Today’s filing suggests the regulator artlessly wants to apprehend added opinions afore affective forward.

Will the Winklevoss Bitcoin ETF anytime happen? Will you advance in it, if/when it does? Let us know.

Images via: Bats