THELOGICALINDIAN - The US Securities and Exchange Commission SEC has alone an appliance for a Bitcoin exchangetraded armamentarium ETF submitted by the Winklevoss twins The advertisement could be anathema for all added ETF applications that accept been submitted to the regulator in contempo months
SEC Cites Potential Market Manipulation, Lack of Investor Protection, and Security for Rejection
Bitcoin prices accept been accomplishing rather able-bodied of late. This week, the agenda asset rose to a two-month aerial of over $8,300. Many aural the cryptocurrency association accept that the amount increases accept been acquired by belief that one of several ETF proposals submitted to the SEC in contempo months will be accepted.
However, today’s advertisement could cut the balderdash run abbreviate afore it’s alike amorphous properly. The U.S. banking babysitter has alone the ETF angle of Cameron and Tyler Winklevoss – the owners of the Gemini Exchange platform.
In June, the two abiding cryptocurrency proponents submitted a proposed aphorism change. However, in a absolution appear by CNBC, the SEC declared that it disagreed with the twin’s altercation that Bitcoin markets were “uniquely aggressive to manipulation.” Along with this concern, issues of artifice and broker aegis were raised.
Whilst the Winklevoss accomplishment wasn’t the best advancing appliance for a Bitcoin ETF, the cardinal from the SEC seems to be directed at the cryptocurrency bazaar itself rather than a specific proposal. It accordingly seems acceptable that aerial contour applications like that from the VanEck and SolidX partnership will additionally be alone on agnate grounds. According to rules at the SEC, the regulator has until August 16 to act on this specific proposal.
Elsewhere, the SEC afresh delayed discussions of five added Bitcoin ETFs until September. These were filed by NYSE Arca, Inc. This seems a analytical move from the regulator because they could accept aloof artlessly alone the proposals absolute as they accept done with the Winklevoss effort. However, such announcements are not black those hopeful of an ETF from appointment their own applications. Earlier this week, Bitwise threw their name into the hat with the SEC too.
It’s not the aboriginal time the twins accept faced bounce from the SEC. Last year, there was immense optimism that a above-mentioned appliance from the “Winklevoss Bitcoin Trust” would be accepted. Many aural the cryptocurrency amplitude accept that such an ETF can alone beggarly college prices back such a armamentarium would charge to lock up abundant quantities of Bitcoin for its audience appropriately the affairs burden we’ve apparent as of late.
The markets arise to accept responded abnormally already to the account with a ample bead from about $8,287 at 21:45 GMT to $8,135 aloof an hour later. Time will acquaint how abundant added they’re afflicted by today’s SEC announcement.
