Bitcoin ETF Mania Dented as SEC Again Rejects Winklevoss Fund

(Bloomberg) — The outlook for the primary U.S. exchange-traded fund that invests in Bitcoin simply received darker.

The U.S. Securities and Change Fee on Thursday once more denied an trade’s request to listing a cryptocurrency ETF run by Tyler and Cameron Winklevoss, steepening the percentages that any of a clutch of comparable proposals will make the grade. The SEC determined to reject the rule change wanted for the Winklevoss fund to begin buying and selling after reviewing a March 2017 choice, which got here to the identical conclusion.

Cryptocurrency followers have boosted Bitcoin roughly 40 p.c this month amid a flurry of hypothesis that the regulator is simply weeks away from permitting the primary Bitcoin ETF to listing within the U.S. At the very least 4 requests from exchanges that need to listing Bitcoin ETFs are pending. The digital foreign money dipped again beneath the $eight,000 degree after the SEC printed its choice.




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Bitcoin’s Huge Week Takes a Downturn

“There’s no means you might not interpret this as a foul signal,” Eric Balchunas, a senior analyst at Bloomberg Intelligence mentioned.

Nonetheless, hope stays for different wannabe fund suppliers, mentioned Balchunas. A number of completely different buildings have been submitted to the SEC so a number of of those may nonetheless cross muster, he mentioned.

And SEC Commissioner Hester Peirce, who dissented with the choice, mentioned she’s involved that the company’s method undermines investor safety by precluding higher institutionalization of the market. Extra institutional participation would ameliorate most of the fee’s issues, Peirce wrote.

“Regardless of at the moment’s ruling, we stay up for persevering with to work with the SEC and stay deeply dedicated to bringing a regulated bitcoin ETF to market and constructing the way forward for cash,” Cameron Winklevoss mentioned in an announcement.

–With help from Olga Kharif.

To contact the reporters on this story: Rachel Evans in New York at revans43@bloomberg.web;Carolina Wilson in New York Metropolis at cwilson166@bloomberg.web

To contact the editors answerable for this story: Jeremy Herron at jherron8@bloomberg.web, Dave Liedtka

©2018 Bloomberg L.P.

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