RATE Group | Bitcoin Is Regulated And Mature Enough To Have An ETF
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Bitcoin Is Regulated And Mature Enough To Have An ETF

28 Jul Bitcoin Is Regulated And Mature Enough To Have An ETF

Posted at 05:37h in Bitcoin News by

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On July 26, the US Securities and Exchange Commission (SEC) officially rejected the Bitcoin exchange-traded fund (ETF) application filed by the Winklevoss twins, citing lack of measures in the ETF to prevent price manipulation.

The official SEC announcement read:

“The Commission addresses each of these arguments below. In Section III.B, the Commission addresses BZX’s assertion that bitcoin and bitcoin markets, including the Gemini Exchange, are uniquely resistant to manipulation and finds that the record before the Commission does not support such a conclusion.”

The SEC further emphasized that the proposed ETF by the Winklevoss twins, who oversee a major US crypto exchange known as Gemini, does not have sufficient tools to identify and deter fraud and manipulation that could impose a negative impact on the price movement of Bitcoin.

Almost immediately after the release of the SEC’s statement, SEC commissioner Hester Peirce expressed her disappointment…

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