The next time will be many, many years away, if ever. No crypto will pass muster with them. The market can never be regulated to their satisfaction and there's no issuer answerable.

But the people who do that are the ones they'll be having a nice dinner with tonight.

I think that's a pretty sensible position for them to take at this stage. Unsexy, but true. I wonder how much all this has cost the Winklevii.

"Based on the record before it, the Commission believes that the significant markets for bitcoin are unregulated. Therefore, as the Exchange has not entered into, and would currently be unable to enter into, the type of surveillance-sharing agreement that has been in place with respect to all previously approved commodity-trust ETPs—agreements that help address concerns about the potential for fraudulent or manipulative acts and practices in this market—the Commission does not find the proposed rule change to be consistent with the Exchange Act."

As I suspected, it's because of the wider Bitcoin market. China did their best but it wasn't enough. None of the other applications will get past this either.

Exciting stuff. What are we gonna do for hype now? And I wonder what the other ETF applicants feel about this.

Surely they've spent so long up to their eyes in Bitcoin the front page of the SEC site will be entirely taken up by that Ron Paul gif.

He can always be depended on to devote at least 18 hours a day to destroying Bitcoin in his uniquely passive butt headed way. I shudder to think what's going to happen to him if it passes. He wants all of us Bitcoin fans to die in a fire.

Going on what they've had to endure from the little shits who live in crypto land with this, I assume future shitcoin ETF applications, and rest assured there'll be loads of them added to their ICO announcements that never actually happen, will be told to fuck off and not come back.

He's Marketwatch reporter who specialises in ETFs. That makes him a rather more reliable source of information than me.

https://twitter.com/RyanVlastelica/status/840217251223556096

Decision confirmed today. No withdrawal from the Winklevii. I think there's something to be deduced from that.

https://twitter.com/RyanVlastelica/status/840217251223556096

Today. So says an ETF journalist.

Yes it is.

That's the idea, but they have the option to buy more coins to back more shares if people want more. I assume that's one of the main reasons why they created Gemini.

I remember reading their original application where they went into the details of the exchange options. 'Well, there's Bitstamp in Slovenia, that isn't regulated. There's BTC-e in, um, somewhere, and no one knows who runs it. Err...'

There will of course be people selling their shares too. It's quite possible it'll always be a totally self contained market that never needs a Bitcoin market buy.

They have shares in 108,000 coins to sell first. That's worth considerably more than $300 million. The day when they have to market buy will come but it could be a long time away yet, especially if the price keeps on rising.

In general I find Reddit far, far more news savvy than here. There are often lengthy threads there on subjects that haven't even been mentioned anywhere on here yet. This one bit of news though won't be slipping by.



Who came up with this figure and who are they? If it's 300 million going into ETFs then that's money that never sees this market. If it's 300 million of professional speculator money looking to join in, professional speculators don't initiate pumps. They prey on them.

I think we're going to find that out from the SEC themselves, not a blob on a website.

So they'd wait three years for a five minute screaming match with the clock ticking? I'd hope they were a little more considered than that.

I was far too busy blinking.

So it breached $1337 for a fraction of a millisecond? I understand that's a meaningful figure for the computer orientated.

Who the hell do you think you are with your attention to details and facts?

Like almost all good news it goes in the future bank, not the immediate one, but it'll inspire a short term pump because the usual suspects like them. It could be years before they have to buy coins on the market.

It is perhaps easy to underestimate the effect of American money unleashed though. We'll see.

Ultimately it makes Bitcoin safer and easier to get exposure to but it still does nothing to inspire people who were previously indifferent to actually want to do that.