The Commission on securities and exchange Commission (SEC) once again rejected the request of the brothers Winklevoss to create an index Fund tied to bitcoin (ETF). This writes Coindesk.

The decision was made a year after the SEC denied the request for a change of rules from the Bats BZX Exchange, which could pave the way for investment instruments tied to bitcoin. Soon after, Bats filed a petition for review of the decision, causing another wave of reviews (and expectations) on the SEC’s willingness to meet the new realities of the market.

However, according to a decision published July 26 “concern” SEC remains the same. The Commission emphasized that the decision shows the SEC with respect to the cryptocurrency and the blockchain in General, and “their value as innovation or investment,” but rather concerns the structure of the application:

The Commission does not approve the proposed rule change because BZX was unable to confirm that its proposal meets the section 6(b)(5) of the exchange Act, which States that the rules must be designed to prevent fraud and manipulation acts and practices.

In conclusion, the SEC left the place for a potential endorsement of such products in the future, noting that “over time, regulated markets associated with bitcoin can continue to grow and develop.”

Special attention was paid to the SEC for possible manipulation in the cryptocurrency market. The Agency highlighted a recent study which claimed that stabilin Tether (USDT) has been used to support the bitcoin prices during market downturns:

In one recent academic paper has examined the question of the increase in Tether current assets (cryptocurrencies, which is declared as provided by United States dollar), determined by investor demand […].

This decision affected the price of bitcoin, which news fell from $8300 to $7985 (according to CoinMarketCap).