Wednesday, 24 October, 2018

Bitcoin slumps after USA regulators reject Winklevoss crypto exchange-traded fund, again

SEC Rejects Winklevoss Bitcoin ETF Alternative ETFsSEC Rejects Winklevoss Bitcoin ETFBy Ben Hernandez
Scott Davis | 27 July, 2018, 21:41

As such, Thursday's ruling is a set back for Bitcoin, but one that appears to leave the door open for the approval of Bitcoin exchange-traded products in the future. The proposal was rejected because it is not "designed to prevent fraudulent and manipulative acts and practices [and] to protect investors and the public interest".

The SEC had blocked the Winklevoss ETF from coming to market in March 2017, but then faced an appeal from exchange operator CBOE's Bats exchange, which applied to list the ETF.

According to Pierce, the SEC's decision inhibits institutionalization and discourages "institutional participants from entering this market".

A review of the 92-page decision suggests the agency was skeptical of the specific arrangement proposed by the Winkelvoss twins, and not because of an underlying hostility to Bitcoin in general.

Tom Alford said that after gold ETF came into existence in 2003, that by 2011 which is an 8 years gap, its price had increased to about 500% yearly after it was traded previously for 30 years.




"Contrary to the Commission's determination, I believe that the proposed rule change satisfies the statutory standard and that we should permit BZX to list and trade this bitcoin-based exchange-traded product ("ETP")", Peirce wrote. The SEC reportedly followed Exchange Act Section 6 (b)(5) when they were taking the decision of whether to accept it or not.

SEC is not bending its stance "because as discussed in details below, BZX has not met its burden, under the exchange act and the commission rule of practice, to demonstrate its proposal is consistent with the requirements of the Exchange Act section 6 (b) (5), in particular, the requirements that its rules be created to prevent fraudulent and manipulative acts by practices".

"More institutional participation would ameliorate numerous Commission's concerns with the bitcoin market that underlie its disapproval order", she wrote in a statement, adding that the decision "sends a strong signal that innovation is unwelcome in our markets".

If approved, it would be the first cryptocurrency ETF and would have allowed trading mutual funds and institutional investments with cryptocurrencies. More generally, the Commission's interpretation and application of the statutory standard sends a strong signal that innovation is unwelcome in our markets, a signal that may have effects far beyond the fate of Bitcoin ETPs.

The SEC released a filing on its decision, stating that the arguments put forward by BZX to justify the safety of the funds are not sufficient to eliminate fears of price manipulation.

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