SEC refused winklevoss twins BTC ETF request again.

[meerkatoken]

So it is not the first time but the pricedrop as of writing is so signifcant I wonder when do you guys go long again.

[European Central Bank]

it's the new 'china bans bitcoin' which became 'south korea bans bitcoin'. it's the gift that keeps on giving. i'll bet some of these wall st guys make their own applications just so they can keep on being denied to spook people.

i don't believe any of these applications will pass. it's going to take many years to convince the SEC to rubber stamp something like this.

[squatter]

i don't believe any of these applications will pass. it's going to take many years to convince the SEC to rubber stamp something like this.

Same. All the hype around these applications seem like an excuse to pump and sell into the market. The SEC doesn't take ETF applications lightly; some take years for approval. Given their lack of insight into, and jurisdiction over the spot market, they have every reason not to rush approval on an ETF.

Here's a source for the story: https://www.cnbc.com/2018/07/26/winklevoss-twins-bitcoin-etf-rejected-by-sec.html

Winklevoss twins bitcoin ETF rejected by SEC

• The Securities and Exchange Commission rejected a second attempt by Cameron and Tyler Winklevoss, founders of crypto exchange Gemini, to list the first-ever cryptocurrency ETF on a regulated exchange.
• The U.S. financial watchdog has yet to approve a cryptocurrency-based ETF and in the release Thursday highlights issues with security, market manipulation and investor protection issues.

"...issues with security, market manipulation and investor protection issues" -- this applies to all ETF applications. Doesn't sound promising!

[meerkatoken]

SEC Commissioner Hester Peirce has published a statement of official dissent from the agency’s disapproval of the Winklevoss application.

Link: https://cointelegraph.com/news/us-sec-commissioner-dissents-from-agency-s-rejection-of-winklevoss-bitcoin-etf

[KingScorpio]

So it is not the first time but the pricedrop as of writing is so signifcant I wonder when do you guys go long again.

whats a bitcoin ETF and whats the use of it?