The Commission on securities and exchange Commission (SEC) rejected the second request of the founders of Gemini crypto currency exchange Tyler and Cameron Winklevoss (Tyler, Cameron Winklevoss) to open bitcoin ETF. More than a year ago, getting through the Bats BZX Exchange failure in change of rules that would have tied to launch a bitcoin index Fund traded on stock exchanges (ETFs), they tried using a petition to seek a review of the decision of the SEC, but it has not brought result.
Arguing that the refusal by the Commission inter alia stated that it cannot agree with the statement Winklevosses that the bitcoin market is “uniquely resistant to manipulation.” In addition, the SEC pointed to a number of critical issues relating to investor protection and fraud. However, she stressed that the refusal is not based on assessment of bitcoin and blockchain technology as investment and innovation.
“The Commission does not approve the rule change, which was proposed as BZX has not confirmed that its proposal complies with the set forth in section 6(b)(5) of the law on securities trading, which States that the rules should prevent fraud and manipulation,” said SEC.
In response to this news the price of bitcoin fell to $7878 per unit.
Recall that considering the SEC is currently an application for the opening of the ETF filed by the investment Manager VanEck together with SolidX, as well as Bitwise application of Asset Management. While the SEC decided before 21 September to defer a decision on the applications by the company Direxion Investments for the launch of five ETFs.
Source
