https://www.cnbc.com/2018/07/26/winklevoss-twins-bitcoin-etf-rejected-by-sec.html "There is another bitcoin ETF application that is still active — the VanEck SolidX Bitcoin Trust. The SEC had no comment about that application. VanEck and SolidX filed a joint application for a bitcoin ETF, which was published for comment on July 2. According to Dodd Frank rules, the agency needs to take action within 45 days of the publication of that proposal, which falls on August 16." Winklevoss twins bitcoin ETF rejected by SEC The Securities and Exchange Commission rejected a second attempt by Cameron and Tyler Winklevoss, founders of crypto exchange Gemini, to list the first-ever cryptocurrency ETF on a regulated exchange. The U.S. financial watchdog has yet to approve a cryptocurrency-based ETF and in the release Thursday highlights issues with security, market manipulation and investor protection issues. Bitcoin fell below $7,900 following the news after hitting a two-month high this week, which was partially fueled by rumors that the SEC could approve a similar trading vehicle as early as August. Kate Rooney | Bob Pisani Published 5 Hours Ago Updated 4 Hours AgoCNBC.com SEC rejects Winklevoss bitcoin ETF proposal for the second time 4 Hours Ago | 01:35 The Securities and Exchange Commission rejected a second attempt by Cameron and Tyler Winklevoss, founders of crypto exchange Gemini, to list shares of what would be the first-ever bitcoin ETF. The June proposal from BATS BZX Exchange to list and trade the Winklevoss Bitcoin Trust's commodity-based shares was voted down 3-1 by the commission Thursday. The price of bitcoin dipped 3 percent to $7,880 following the news, according to data from Coinbase. Last year, the SEC disapproved an application for the "Winklevoss Bitcoin Trust" but in June, the group submitted a proposed rule change. Among other arguments, the agency said in a release Thursday that it did not support the Winklevoss's argument that bitcoin markets, including the Gemini Exchange, are "uniquely resistant to manipulation." It also highlighted issues of fraud and investor protection. The SEC emphasized that the disapproval does not rest on an evaluation of whether bitcoin or blockchain technology has value as an innovation or investment. But the agency indicated that its mission is designed to prevent fraudulent or manipulative acts or practices and to protect investors, and that they were concerned about fraud and manipulation of bitcoin, particularly since this is done in a largely unregulated offshore market. The U.S. financial watchdog has yet to approve a cryptocurrency-based ETF. It published a letter in January pointing to "significant investor protection issues that need to be examined" before sponsors can offer these funds to retail investors. The SEC noted that more than three-fourths of the volume in bitcoin occurs outside the United States, and that 95 percent of the volume occurred on non-U.S. exchanges. The bid-ask spreads varied widely across exchanges, the SEC said. The volume in bitcoin futures markets are small: 20 percent the volume of platinum, and 2.5 percent that of silver. As for assertions that bitcoin is uniquely resistant to manipulations, the SEC "finds that the record before the Commission does not support such a conclusion." There is another bitcoin ETF application that is still active — the VanEck SolidX Bitcoin Trust. The SEC had no comment about that application. VanEck and SolidX filed a joint application for a bitcoin ETF, which was published for comment on July 2. According to Dodd Frank rules, the agency needs to take action within 45 days of the publication of that proposal, which falls on August 16. Bitcoin soared two a two-month high above $8,300 this week, partially because of rumors that the SEC could approve a similar trading vehicle as early as August. While they need to address one proposal by August 16, based on the agency's denial of other ETFs, it could be multiple months before a meaningful announcement. This week, the agency SEC delayed deliberations on five other bitcoin ETFs filed by NYSE Arca, Inc. Asset manager Bitwise joined the list of hopefuls on Tuesday, and filed for an ETF that would track a basket of cryptocurrencies.
I have to post the following so often I have it saved on my PC... so here it is.. The absurdity of btc is beyond words. - Decentralized? Bull shit.. 4% of addresses own more than 90% of the coins; - Don’t trust the government? Yeah right, rather trust a faceless nameless ‘Satoshi’? - Proof of Work? Complete waste of resources. Fed can issue fed coins tomorrow and blow BTC and doggie coins and the like away… Fed coins issued 1 for 1 to replace the USD. - Top 1% owning too much of world’s wealth? How much does top 1% of the bitcoin whales own? And this faceless Satoshi, he deserves 5% of the world’s wealth if bitcoin ever becomes a mainstream currency? - And who gave the rights to the early miners to get coins for pennies per, while today you have to spend $1000s? - And 21 million is a good thing? If the entire world’s wealth is 21 million gadgets, priced at 1 btc per gadget… and in the future the wealth increases to 42 million gadgets, now the price drops to 0.5 btc…. That is called DEFLATION! This means people will just hoard coins, all commerce and investments will die…. There is a reason that the Fed has a 2% inflation target. - Wake up people! Think for yourself for a minute. The absurdity behind bitcoin is beyond words. Most of you folks didn’t experience the 2000 bubble and therefore have no idea and you can’t see a bubble in point blank range… open your eyes!
"The U.S. financial watchdog has yet to approve a cryptocurrency-based ETF and in the release Thursday highlights issues with security, market manipulation and investor protection issues." IMHO they won't approve any until their concerns are resolved.
I obviously disagree with you and I have a post on the "overview on bitcoin" thread. I was around during the dotcom bubble... If you really have that much conviction against bitcoin, you should put some money and short it or the futures. I'm invested in bitcoin on the long side.