Winklevoss twins snubbed by the SEC in effort to create Bitcoin ETF
Tyler and Cameron Winklevoss
Image via Winklevoss Capital
The Winklevoss twins and the rest of the world will have to wait a bit longer for a crypto-based ETF. The SEC rejected the twins’ application for a “Winklevoss Bitcoin Trust.”Tweet this
Poised to enhance their leadership in all things Bitcoin, the Winklevoss twins were thwarted by the Securities and Exchange Commission in an effort to herald the first such ETF.
The founders of the Gemini exchange and holders of almost $1 billion in Bitcoin sent a proposal to the SEC for a “Winklevoss Bitcoin Trust” and were rejected.
In a January letter, the SEC outlined its willingness to support funds that held “digital products” with limitations.
Among the other issues noted by the SEC were the mere size of the Bitcoin futures market. Specifically, they reported:
– 3/4 of the volume in Bitcoin occurs outside the United States
– volume is 1/5 the platinum market
– volume is 2.5 percent that of silver
– the market is unregulated.
Although there are still several active applications for crypto-based ETFs, the SEC has yet to approve one.