The U.S. Securities and Exchange Commission (SEC) has rejected the application for a Bitcoin exchange-traded fund by brothers Tyler and Cameron Winklevoss, according to a release published by the SEC Thursday, July 26.
Link to released PDF: https://www.sec.gov/rules/other/2018/34-83723.pdf
Regarding the
Winklevoss’ claim that crypto markets are “uniquely resistant to manipulation,”
the Agency said that “the record before the Commission does not support such a conclusion.”
The Commission continued:
“Rather, the Commission is disapproving this proposed rule change because... BZX has not met its burden under the Exchange Act and the Commission’s Rules of Practice to demonstrate that its proposal is consistent with the requirements of the Exchange Act... in particular the requirement that its rules be designed to prevent fraudulent and manipulative acts and practices.”
The Commission stated its concern that a significant portion of Bitcoin trading happens on “unregulated exchanges outside the United States,” in addition to qualms over low liquidity.
Despite multiple requests from different applicants about BTC ETF approval, SEC is still stagnant.
What do you say?
Do you agree what SEC thinks or Do you have better counter comment on Whats said by SEC this time..... comment please