The Winklevoss twins' bitcoin ETF was rejected

The Winklevoss twins' bitcoin ETF was rejected

Pierce voiced her formal disagreement shortly after the US Securities and Exchange Commission (SEC) denied the application of Cameron and Tyler Winklevoss for a Bitcoin ETF. The proposal was rejected because it is not "designed to prevent fraudulent and manipulative acts and practices [and] to protect investors and the public interest".

The last tweet of Peirce, in which she announces her decision to dissent the SEC decision, has been widely spread in the crypto community, with over 2000 retweets and 5000 likes. The ruling was 3-1 in favor of rejection, with Peirce being for accepting the fund.

There are now no bitcoin ETFs on the market in the USA, although the Bitcoin Investment Trust (GBTC) is somewhat similar to an ETF and trades over the counter. But the consistency with the Exchange act is not the only issue highlighted in Peirce's dissent.

According to Peirce, the BZX exchange's rules governing the trading of the exchange-traded product (ETP) shares are consistent with Exchange Act.

The SEC originally rejected an application for the "Winklevoss Bitcoin Trust" past year. More institutional participation would ameliorate numerous Commission's concerns with the Bitcoin market that underlie its disapproval order.

The Winklevoss twins are best known for their feud with Facebook Inc founder Mark Zuckerberg over whether he stole the idea for what became the world's most popular social networking website from them. In other words, allowing the first Bitcoin ETF to launch would improve the Bitcoin market precisely in the way the SEC would want it to. Another commenter asserts that the Gemini Exchange has relatively low liquidity and trade volume and that there is a significant risk that the nominal ETP share price will be manipulated by relatively small trades that manipulate the bitcoin price at that exchange.

The exchange further claims that "novel systems intrinsic to this new market provide unique additional protections that are unavailable in traditional commodity markets" and that its original proposal contained "traditional means of identifying and deterring fraud and manipulation". The decision comes amidst high levels of optimism toward bitcoin ETF approval as soon as next month.

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"The record before the Commission does not support such a conclusion", the order says.

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.

She also spoke about participation by institutional investors into the market, which would then drive stronger custody solutions due to the number of funds.

"SEC believes the spot market has too much potential for manipulation".

With bitcoin in the latter half of July bucking the generally bearish trend, investors will be encouraged by the resilience shown in the face of ostensibly bad news.

Furthermore, she stated that the disapproval order undermines investor protection, albeit unintentionally. In addition, San Francisco-based asset management company Bitwise recently filed for "the first publicly-offered cryptocurrency index exchange-traded fund (ETF)".

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