Bitcoin: SEC rejects Winklevoss twins fund for second time, price falls

Better luck next time guys

Better luck next time guys

The AltDex 100 Index (ALT100), a benchmark index for large-cap cryptocurrencies and tokens, dropped 4.5% to 106.71 following the news as Bitcoin lost the $8,000 psychological support. It just states that the rule changes that were proposed by BZX after the first rejection of their Bitcoin ETF past year in February, don't meet the requirements of Exchange Act and the commission's existing guidelines. In a 92-page explanation, the main regulator of these markets in the U.S. rejected a rule change at the behest of Bats BZX Exchange.

While rejecting the request and the change of rules, the Commission emphasizes that its disapproval is not based on an assessment of whether the bitcoin technology, or the blockchain technology in general, has utility or value as innovation or investment.

The proposal of BATS BZX Exchange to list and trade the commodity-based Winklevoss Bitcoin Trust has been voted down by the SEC on Thursday, July 26th. "Accordingly, I would set aside the action the staff took by delegated authority in this matter and approve the proposed rule change". In her official post, she calls out SEC on dampening the innovation, engaging in merit regulation and inhibiting institutionalization that could mitigate the risks present in bitcoin and crypto market. Although Bats argued that the bitcoin market "generally is less susceptible to manipulation" because bitcoin trading happens around the world, continuously, the SEC said it was not persuaded.

Is second crypto ETF rejection as bad as the first? "This commenter states that, while US -based bitcoin exchanges are subjected to stricter regulations and auditing for the holding of client accounts, the trading itself seems to occur in a regulatory vacuum and seems impossible to audit effectively".

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Tom Alford's position is based on the change in perception about bitcoin, it's use and pricing as well as a striking resemblance between gold ETF and Bitcoin ETF.

"Because adequate surveillance-sharing agreements are not in place-and any current surveillance-sharing agreements are with bitcoin-related markets that are either not significant, not regulated, or both-the Commission concludes that the proposal is inconsistent with Exchange Act Section 6 (b)(5)", the agency wrote. The total market capitalization of the cryptocurrency market fell by nearly 4% from $302 bln.to $290 bln.

Tom Alford said that after gold ETF came into existence in 2003, that by 2011 which is an 8 years gap, its price had increased to about 500% yearly after it was traded previously for 30 years.

Specifically, VanEck has the experience of filing, deploying, and overseeing hundreds of ETFs, and it has strategically partnered with SolidX to assist its bitcoin ETF in receiving the approval from the US SEC.

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