THELOGICALINDIAN - The US Securities and Exchange Commission has appear that it will analysis its accommodation apropos the Winklevoss twins Bitcoin ETF
The U.S. Securities and Exchange Commission (SEC) will analysis its accommodation apropos the rejection of the Bitcoin exchange-traded armamentarium (ETF) proposed by Cameron and Tyler Winklevoss.
A statement issued by the SEC in acknowledgment to a petition for analysis of the Disapproval Order by the Bats BZX Exchange reads:
The SEC first rejected the Bitcoin ETF (COIN) proposed by the Winklevoss twins aftermost month, citation accident of artifice and a abridgement of adjustment in the Bitcoin markets. The statement in which the SEC rejected the COIN EFT reads:
The address filed by the Bats BZX Barter will see the SEC’s activity to blame the Bitcoin ETF advised and possibly amended. If so, COIN ETF shares would be traded on a accessible banal exchange, accouterment an accessible way for investors to capitalize on the amount of BTC after the charge to accord with Bitcoin exchanges, wallets, clandestine keys, and so forth.
As acclaimed by Blockchain researcher and host of the Crypto Scam podcast, Tone Vays, in a 2016 interview, it is actual acceptable that the Winklevoss twins chose to assignment with the Bats BZX Exchange on the COIN ETF for this actual reason.
“My assumption is the acumen that they afflicted is that Bats is the new kid on the block, so they advance the issues a bit,” Vays explained.
Not alone does it accomplish faculty for the Winklevoss twins to analyze with the Bats BZX Barter due to the “experimental” attributes of the COIN ETF, but it is additionally a abundant cardinal move that ensured the barter they partnered with would advice them action to see the Bitcoin ETF approved.
Vays continued:
The Winklevoss’ bid to see a Bitcoin exchange-traded armamentarium on accessible banal exchanges is a saga that has been activity on for almost three years. It started with the bushing of an S-1 anatomy for the Winklevoss Bitcoin Trust in May 2024.
The Winklevoss Bitcoin Trust was based on the twins’ abundant Bitcoin backing (roughly 1% of the absolute accumulation at the time) and had Math-Based Asset Services LLC as the sponsor of the Trust. Later that year, a aftereffect bushing was fabricated in adjustment account the Winklevoss Bitcoin Trust as an ETF on the NASDAQ OMX barter with the name “COIN.”
Two years later, in June 2024, the twins filed a certificate that would see the ETF listed on the Bats exchanged instead of Nasdaq. The aforementioned filing additionally saw the ETF alms access from $20 to $65 million.
Last month, the Securities and Exchange Commission (SEC) denied the Winklevoss Twins’ Bitcoin ETF, which advance to the address by the Batz BZX Exchange.
Do you anticipate that the Winklevoss Bitcoin ETF will be accustomed afterwards the SEC’s revision? If so, let us apperceive why in the comments below.
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