Menu

Search

Menu

Search

SEC thumbs down to Winklevoss application for Bitcoin ETFs

We’ve witnessed that the constant upsurge in the price of Bitcoin above $8k from the lows of $5,755, but from Wednesday, bears have resumed their business as the BTC price slides back below $8,000 on today after the U.S. Securities and Exchange Commission (SEC) declined the Winklevoss twins’ second attempt to launching a bitcoin ETF.

The US regulatory agency, Securities and Exchange Commission (SEC) has yet again denied the approval of an application filed by Cameron and Tyler Winklevoss, the reputed cryptocurrency investors and the founders of cryptocurrency exchange Gemini, to launch an exchange-traded fund (ETF) product that tracks the price of bitcoin.

Commissioner Hester Peirce has stated, “her cause of concerns on the Commission’s approach that undermines investor protection by prohibiting greater institutionalization of the bitcoin market. More institutional participation likely to revolutionize many of the Commission’s concerns with the bitcoin market that cause its disapproval order. 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 (exchange-traded products).”

The Commission indicates an aversion to innovation that may convince entrepreneurs that they should take their ingenuity to other sectors of our economy, or to foreign markets, where their talents will be welcomed with more enthusiasm, SEC Commissioner Peirce clarified.

While the accurate date of the SEC clear decision on the ETF has been expected by many as being August 16th due to the clause that the authority usually makes an announcement 45 days after a filing is published on its website. However, some other source indicates that the SEC would most likely postpone the Bitcoin ETF filed by the CBOE as they have already postponed several others to September also.

Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards -90 levels (which is bearish), while USD is flashing at 43 levels (which is bullish) while articulating at (08:28 GMT). For more details on the index, please refer below weblink:

http://www.fxwirepro.com/currencyindex

  • ET PRO
  • Market Data

Market-moving news and views, 24 hours a day >

September 25 14:30 UTC Released

USTexas Serv Sect Outlook

Actual

25.6 bln

Forecast

Previous

21.5 bln

September 25 14:30 UTC Released

USDallas Fed Services Revenues

Actual

26.9 %

Forecast

Previous

21.5 %

January 31 00:00 UTC 342294342294m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 342294342294m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 354114354114m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 342294342294m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 354114354114m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 342294342294m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 342294342294m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 342294342294m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.