Friday, July 27, 2018

Winklevoss Twins Lose Again: SEC Rejects Their Proposed Bitcoin ETF

The Securities and Exchange Commissionhas  rejected a second attempt by Cameron and Tyler Winklevoss to list the first-ever cryptocurrency ETF on a regulated exchange.

The June proposal from BATS BZX Exchange to list and trade the Winklevoss Bitcoin Trust's commodity-based shares was voted down 3-1 by the commission.

In an 81-page release, the SEC said that the disapproval does not rest on an evaluation of whether bitcoin or blockchain technology has value as an innovation or investment.

But the agency indicated that its mission is designed to prevent fraudulent or manipulative acts or practices and to protect investors, and that they were concerned about fraud and manipulation of bitcoin, particularly since this is done in a largely unregulated offshore market.


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