The Commission on securities and stock exchanges of the USA has rejected a request about creating a cryptocurrency ETF of the Winklevoss brothers. Recall, this is their second attempt to obtain the affirmative decision of the SEC. Negative financial regulator has led to today’s fall of Bitcoin. This writes Cointelegraph.
The growth of the stock market can wait
In 2016, the stock exchange, Bats BZX Exchange filed for permission to trade in shares of a Bitcoin Trust the Winklevoss brothers. In February 2017, the SEC rejected the billionaires in this application. The reason for the refusal was unclear the status of the regulation of Bitcoin.
When the spot market is not regulated, there needs to be a regulated derivatives market associated with the underlying asset.
Immediately after the failure the Winklevoss brothers filed a petition for a retrial with appropriate authority. Finally, yesterday, the SEC published its official response to the petition. Representatives of the Commission on securities and stock exchanges of the USA do not agree with the fact that the stock market “resistant to manipulation.”
While the SEC “does not reject the value and innovation that can bring the technology of the blockchain”. Despite dozens of complaints about creating a cryptocurrency ETFs, the SEC has not given a positive response to any of them.
I hope the situation will change. Now the exchange rate of Bitcoin is 7850 dollars.
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