Another bitcoin ETF gets rejection by SEC

[nicktalman93]

Two days after postponing the decision on Direxion’s Bitcoin (BTC) ETF Proposals and five other bitcoin ETFs filed by NYSE Arca, Inc, SEC has come vicious this time as it shattered the dream of Winklevoss twins of launching a bitcoin ETF. This is the second time in two years that Winklevoss twin’s application has been rejected.

Now all eyes will be on CBOE- SolidX Bitcoin ETF which should be next in line for SEC for approval. Although the precedents that the SEC is setting are not really positive, some experts still believe CBOE application is something that can get approved.

Reff: https://coingape.com/cboe-bitcoin-etf-holds-chance-sec-rejects-winklevoss-proposal/

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[Victorik]

Saw the news flash. Not a very pleasant one. But Bitcoin will still reach target.

[teioaie9837]

While the current volume of bitcoin futures on Cboe Futures Exchange and CME may not be enough to support ETP seeking 100% of the long or short duration of exposure to bitcoin, Cboe expects this volume to continue to increase. and in the near future reach similar levels to other commodity futures at the time they are introduced into the ETP

[eternalgloom]

The main reason for the rejection is that they are not fully convinced that the market cannot be manipulated.
They also need to have guarantees that exchanges can be designed to prevent fraud and other manipulative acts.

The central factor for the Commission in its current consideration of the BZX proposal is whether it is consistent with Exchange Act Section 6(b)(5), which requires, among other things, that the rules of a national securities exchange be designed to prevent fraudulent and manipulative acts and practices and to protect investors and the public interest.

Although BZX argues that its proposal can satisfy these requirements because Bitcoin markets are inherently difficult to manipulate, and because alternative means of identifying fraud and manipulation would be sufficient, the Commission concludes that, as discussed above, BZX has not established that these proffered means of compliance—alone or in combination—are sufficient to meet the requirements of Exchange Act Section 6(b)(5).

You can read the full 92-page report here:
https://www.sec.gov/rules/other/2018/34-83723.pdf

[aoluain]

I was thinking that it might get approved just based on the fact that bitcoin is accepted
more by institutional investors with the futures trading.

Judging by one of the reasons for the winklevoss rejection:

The order states that one of the major reason that the application was disapproved
 is the fact that it couldn’t establish a means of compliance that bitcoin markets are
not subject to fraud or manipulation.

How will the CBOE application meet the above requirement?

[allthebitandbobs]

The main reason for the rejection is that they are not fully convinced that the market cannot be manipulated.
They also need to have guarantees that exchanges can be designed to prevent fraud and other manipulative acts.


You can read the full 92-page report here:
https://www.sec.gov/rules/other/2018/34-83723.pdf

Well it is never going to pass then because the markets or manipulated  fuck .Only takes a few days to look at the market   to figure the one out .They dont try to hid the fact is manipulated .

[bitfocus]

Not a good news, but these guys (SEC) are stalling ETF since the beginning.

[cheezcarls]

Two days after postponing the decision on Direxion’s Bitcoin (BTC) ETF Proposals and five other bitcoin ETFs filed by NYSE Arca, Inc, SEC has come vicious this time as it shattered the dream of Winklevoss twins of launching a bitcoin ETF. This is the second time in two years that Winklevoss twin’s application has been rejected.

Now all eyes will be on CBOE- SolidX Bitcoin ETF which should be next in line for SEC for approval. Although the precedents that the SEC is setting are not really positive, some experts still believe CBOE application is something that can get approved.

Reff: https://coingape.com/cboe-bitcoin-etf-holds-chance-sec-rejects-winklevoss-proposal/

I know it hurts. Not only they got rejected once, but twice. The first proposal they have with the SEC was last year. It's okay, no worries. No matter what happens, Bitcoin will still reach its target in the long run. Just my two sats.

[FedorIzmailov]

the market fell slightly, but not on this ETF we were expecting approval from the SEC. All that also remains the date of August 10, fateful for the growth of bitcoin this year

[eternalgloom]

You know what's really interesting about this? That there's public dissent from one of the SEC's own commissioners.
Hester M. Peirce, respectfully doesn't agree with the decision the SEC has made and has posted a public statement on the SEC website.

https://www.sec.gov/news/public-statement/peirce-dissent-34-83723

[Dexion]

I think the SEC only wants to minimize market risk, the SEC has a wisdom to crack down on any ICO offerings, many crypto communities are shocked with all efforts made by the SEC.

many people assume that the rejection of Bitcoin ETF is a severe blow. but I see that market dynamics can escape from this condition, so this rejection does not seem to give a significant impact on the crypto community.

[sanjeevbaweja]

Two days after postponing the decision on Direxion’s Bitcoin (BTC) ETF Proposals and five other bitcoin ETFs filed by NYSE Arca, Inc, SEC has come vicious this time as it shattered the dream of Winklevoss twins of launching a bitcoin ETF. This is the second time in two years that Winklevoss twin’s application has been rejected.

Now all eyes will be on CBOE- SolidX Bitcoin ETF which should be next in line for SEC for approval. Although the precedents that the SEC is setting are not really positive, some experts still believe CBOE application is something that can get approved.

Reff: https://coingape.com/cboe-bitcoin-etf-holds-chance-sec-rejects-winklevoss-proposal/

in coming days bitcoin need not any ETF Approval, Bitcoin itself will be huge

[funchiestz]

It is not too important one. That project which belong to Winklevoss brothers, has rejected by SEC. We're waiting still another ones. SEC will be announced 16th Aug- 25th Sep. We have to wait in silence.

[Heidim]

Well that's just fine, not in a hurry at all. Bitcoin is here to stay so no need to rush anything, time to load up.

[stefy77]

In fact I am pessimistic about the outcomes of these etf. Still too dangerous for them. In the future.

[Cassy14]

read the news and I am very disappointed about it,
USA SEC still setting walls for bitcoin.
what are they main reason for this? what are the purpose of that move?

[Slow death]

SEC has come vicious this time as it shattered the dream of Winklevoss twins of launching a bitcoin ETF.

they are young and can try more times than who knows they will eventually be approved

This is the second time in two years that Winklevoss twin’s application has been rejected.

Why all the news channels need to say that they have been disapproved for the second time? this seems to be to encourage the twins to give up trying

Now all eyes will be on CBOE- SolidX Bitcoin ETF which should be next in line for SEC for approval.

It seems that they are more likely to be approved

[esetop01tryba]

I heard that ETF has a person who supports ETF and maybe not all is lost ! I think that still all the fun is ahead !

[Silenox]

This is not the ETF that the market expects to be approved, but the CBOE. Prices have not moved significantly with this news, only if the CBOE ETF is barred we may have a bad signal, but it is more likely to be approved.

[imteaz]

I think the news whatever was yesterday to keep bitcoin price down, so whale can accumulate more, SEC already stated they will be announced after August 17, this is only July 27, so wait for 20 more days before any news comes out.