Winklevoss Bitcoin ETF Proposal Denied by U.S. SEC
29 July, 2018, 04:28 | Author: Martin Tyler
She argues, essentially, that this is a case of catch 22: the Bitcoin market has its problems but these problems would be "mitigated by institutionalizing the market".
"This is a big shot across the bow for those seeking to launch digital currency exchange-traded products", said Barry Pershkow, a partner at Chapman & Cutler who used to work at the SEC.
"More institutional participation would ameliorate numerous Commission's concerns with the bitcoin market that underlie its disapproval order", she said, adding that the ruling "sends a strong signal that innovation is unwelcome in our markets".
Not all hope is lost just get for the Winklevoss twins however, as reports out this afternoon highlight that SEC Commissioner, Hester M. Peirce has commented on the SEC's approach to rejecting the Bitcoin ETF.
Those familiar with Bitcoin widely believe that the SEC's approval of an ETF will increase liquidity, and cause prices to rise.
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However, not everyone at the SEC was on board with the recent decision to deny bitcoin exchange traded funds.
"For example, existing or newly created bitcoin futures markets may achieve significant size, and an ETP listing exchange may be able to demonstrate in a proposed rule change that it will be able to address the risk of fraud and manipulation by sharing surveillance information with a regulated market of significant size related to bitcoin, as well as, where appropriate, with the spot markets underlying relevant bitcoin derivatives", the agency continued. While much of the market and industry news has been in a stir over the looming-as some would put it "almost guaranteed"-creation of Bitcoin ETFs, the news came as a harsh ruling by the SEC on the potential for other funds". She argued that the movement of Bitcoin ETPs into the market would foster a sense of institutionalization that would target the problems that the Commission faces with the Bitcoin market.
"The record before the Commission does not support such a conclusion", the order says.
By 15:30 UTC, the bitcoin price had punched past $8,100 and had ultimately risen as high as $8,216 by the time of writing at 15:56 UTC.
She also spoke about participation by institutional investors into the market, which would then drive stronger custody solutions due to the number of funds.
The decision of the Commission is not only over-focused on the Bitcoin spot market - it influences the overall development of the crypto community.
Furthermore, she stated that the disapproval order undermines investor protection, albeit unintentionally.
She also holds that the proposition manages to abide by the statutory standards and that the Commission should, in fact, permit the cryptocurrency exchange to list and trade the Bitcoin-based exchange-traded product.
The decision, which was released Thursday in a 92-page document, said that the commission was not convinced that the twins' company could protect investors from "fraud and manipulation".
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