RATE Group | Winklevoss twins bitcoin ETF rejected by SEC
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Winklevoss twins bitcoin ETF rejected by SEC

26 Jul Winklevoss twins bitcoin ETF rejected by SEC

Posted at 21:04h in Bitcoin News by

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The Securities and Exchange Commission rejected a proposal by Cameron and Tyler Winklevoss, founders of crypto exchange Gemini, for the first-ever cryptocurrency ETF.

Last year, the SEC rejected 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 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 U.S. financial watchdog has yet to approve a cryptocurrency-based ETF. It published a letter in January highlighting “significant investor protection issues that need to be examined” before sponsors can offer these funds to retail…

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