The US Securities and Exchange Commission has rejected the application of the Winklewoss brothers for the launch of Bitcoin-ETF for the second time. Bats BZX Exchange already made a futile attempt to get approval from the SEC about a year ago. The regulator’s position remained unchanged this time.
However, there is a lot of positive in all this history. Let Cameron and Taylor Winklevoss be upset, but we do not see any cause for despondency. And here’s why.
The Commission reported that its disapproval is not based on an assessment of whether bitcoin or blockchain technology is generally available or useful as an innovation or investment. The reason for the refusal was the Bats BZX Exchange application itself, which was not properly drawn up. BZX has not complied with the provisions of the Exchange Act and the Commission’s Rules of Practice.
Such a remark indicates that the SEC representatives want to draw attention to their favoring the blockchain technology and bitcoin as a means of payment. Probably, the SEC does not want superfluous speculation on the bitcoin-ETF topic, and therefore publicly clarifies its position.
Want to know more about Bitcoin ETFs? We recommend you to read the article «What Is Bitcoin ETF and How Will It Influence the Price of Leading Crypto?».