SEC Rejected Winklevoss Bitcoin ETF, Price Drops $200 in Minutes

The US stock market watchdog, US Securities and Exchange Commission (SEC) rejected the long awaited proposal to launch the first ETF of Bitcoin. SEC decision ends three years wait of Winklevoss twins, who made their first attempt in mid-2013. The Winklevoss Bitcoin ETF (share fund) would have made it possible for investors to invest directly in their investment account in bitcoin. The bitcoins of these investors would be stored in cold storage by Gemini Trust Company, a company of the brothers Winklevoss. SEC rejects winklevoss bitcoin etf

The stock market watchdog ruled that the COIN ETF is vulnerable to fraud because of the limited extent to which bitcoins are regulated at the moment. There has yet to be steps taken in accordance with the stock market watchdog, because there are still too many questions about how high the risk that the market value of a bitcoin can be manipulated. According to a public statement detailing the ruling, the SEC said:

“As discussed further below, the Commission is rejecting this proposed rule change because it does not consider the proposal consistent with Article 6 (b) (5) of the Exchange Act, which requires, among other things, the rules of an exchange of Values ​​are designed to prevent fraudulent and manipulative acts and practices, and to protect investors and the public interest. “

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How is the price of bitcoins?

Immediately after the announcement, the price of Bitcoin dropped by $ 200 in just 5 minutes  A strong break which we have been getting used to little by little due to the many news we have experienced in 2017 thanks in large part to the People’s Bank of China . However in this case of the SEC, it seems that the fall could be bigger in the next few hours as the news rolls.

 Winklevoss Bitcoin ETFThis change in the price of Bitcoin could also lead many investors to move their capital to bet on other established and rising crypto coins such as Litecoin, Ethereum, Dash, Monero, Zcash or others.

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