SHOCKER: SEC denies SolidX Bitocin ETF Proposal

[sportis]

Ah, obviously not a surprise here. If the Winklevii get denied there's no reason for SolidX to get approved...it was all based on bias toward the bitcoin market, rather than actual concern for the investment product or firm.

News came out about an hour ago: http://www.coindesk.com/sec-denies-solidx-bitcoin-etf-proposal/

I believe the SEC's response/explanation was a bit more specific this time around. They explicitly say "the market must be regulated." That's more bold than the first ETF denial, yeah? And pretty much guarantees that Wall Street investors will never have an alley way to Bitcoin from Wall Street.

Other thoughts?

I would really surprised if SEC had end up in different decision than about one month ago in Winklevoss ETF. Market knows that SEC wants regulation, but nobody clearly knows what kind and how heavy, so for some time nobody, imo, will bother to involve with this kind of share. Currently, the big issue is only the possible hardfork of bitcoin.

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[Xester]

Ah, obviously not a surprise here. If the Winklevii get denied there's no reason for SolidX to get approved...it was all based on bias toward the bitcoin market, rather than actual concern for the investment product or firm.

News came out about an hour ago: http://www.coindesk.com/sec-denies-solidx-bitcoin-etf-proposal/

I believe the SEC's response/explanation was a bit more specific this time around. They explicitly say "the market must be regulated." That's more bold than the first ETF denial, yeah? And pretty much guarantees that Wall Street investors will never have an alley way to Bitcoin from Wall Street.

Other thoughts?

It is clear as a water that the Securities and Exchange Commission did not approve the SolidX TF due to the unregulated market. The main thing is that bitcoin will not be able to be even approved by the SEC in its lifetime. The main reason was bitcoin being a decentralized currency leaving it as an  unregulated currency. Anyway we dont need SEC approval nor we need ETF to make bitcoin boom.

[Mometaskers]

They denied the ETF because it had no insurance for their clients. SolidX hasn't done anything to fix this, so they got denied as well.
Not much of a shocker, really. This is not a final ruling, they can appeal or adjust and file again.

I haven't read much about the details but I thought SolidX have insurance? Or was that another ETF slated for review later?

Well regardless, even though previous ETF denial did affect the price, it was only slight. The larger drops we have seen recently has more to do with the looming possibility of a fork rather than the SEC denial.

The ETF might have made bitcoin a bit more popular with the public but even without that it attracted enough interest anyway from people who are on the hunt for a profit.