Winklevoss Brothers’ Crypto ETF Denied, VanEck and CBOE Bitcoin EFT Proposals Still in Play
The U.S. Securities and Exchange Commission (SEC) has rejected the proposal of the first-ever cryptocurrency-related ETF made by Cameron and Tyler Winklevoss. This is not the first time that the SEC rejects a Bitcoin ETF. In the past, the SEC disapproved another application made by the twins known as ‘Winklevoss Bitcoin Trust.’ Later in June, the group decided to submit a rule change. According to the official document released by the SEC, the Bats BZX Exchange, Inc. (BZX) asserted that the Gemini Auction price is ‘uniquely resistant to manipulation,’ but the regulatory agency does not support that argument. Until now, no crypto ETF has been approved. But the financial watchdog has yet to take the decision on the VanEck SolidX Bitcoin Trust ETF. Which has been created in order to comply with the rules published by the agency in January. About this application, there has been no comment. The SEC said that there are ‘significant protection issues that need to be examined’ if funds want to offer the services to retail investors. The main intention behind this decision is to prevent fraudulent acts in a market that is still very unregulated. The crypto space has been plagued of fraudulent activities, hacks, scams and companies, and retail investors were always the most vulnerable to these situations.