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.

[audaciousbeing]

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/

While the effect of this would have made everyone laugh should in case the decision came out positive, I think its really good its happening so everyone can move on from this tying of destiny on ETF approval which might would come with disappointment eventually. For those waiting on the postponed decision, I would not be optimistic about it except there is something significantly different from the ones they have rejected to get another opinion from SEC which could even create more problem as speculations of would rise as to some form of victimisation against the Winklevoss twins for launching their own product first.

[pehatas]

I also think that the ETF, which will be approved in August, as a lot of fundamental factors testify to the positive decision. To wait remains absolutely not for long.

[Pab]

CBOE can deliver secure platform that is for sure but bitcoin price manipulation
SEC may use that argument as they want to reject ETF
So only one way is to create strong demand and have some  influential lobbyst
lets see one day it will happen if not that year than another
Maybe it can be approved in UK or Switzerland

[BestRate]

bitcoin ETF will be accepted very very soon. We just have to wait

[hatshepsut93]

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.

I think sooner or later SEC will approve Bitcoin ETF, but this will happen when they'll feel like most of Bitcoin's volume comes from well-regulated exchanges. Bitcoin's volume and volatility might also be a factor, as it seems like SEC thinks that some big price movements are a result of manipulation, which might or might not be true, since speculative behavior of the masses is also a big factor that can explain rallies and crashes.

[medussa]

Maybe we do not really need the ETF funds afterall, the market is still rising steadily and i think that is very healthy. ETF may affect bitcoin adversely

[peter0425]

Maybe we do not really need the ETF funds afterall, the market is still rising steadily and i think that is very healthy. ETF may affect bitcoin adversely

I guess a approval by governing body like SEC will really cemented Bitcoin and crypto as a trusted investment. On the contrary though, ETF's is non-existent until the first Winklevoss proposal was put forward last year. And then we saw what it can really do to the markete (push the price even higher). That's why ETF's has also a long term effect is ever we get that first approval next month. So let's see how everything will pans out. Other's are really nervous about it because it will define the future of bitcoin and also the rest of the cryptos.

[heassy]

To get approved from SEC’s not a easy deal for any bitcoin ETF. To get approved they need to fulfill their requirement which’s are still improving bitcoin ETf’s . But I hope it will be approved SEC in future but it takes some time.

[Dashaaraily]

The market is a bit lower now. I think the EFT will allow the SEC Very soon the crypto market will improve. Any time the market will turn and everything will become normal.

[btCHOOop]

I think SEC will again authorize the EFT. The market is downward now, that does not mean the market is finished. The market can be upwards at any time. And it will be very soon.

[medussa]

Maybe we could actually do better without the bitcoin ETF , ideally I will not want Wall Street tightening the cryptospace with their rules

[darkangel11]

Maybe we do not really need the ETF funds afterall, the market is still rising steadily and i think that is very healthy. ETF may affect bitcoin adversely

We don't need them because ETFs are centralized and the whole idea of Bitcoin is to support decentralization. Allow people to hold their own money and be independent of banks and other financial institutions. ETFs will hold your coins for you. Sure, they will give you insurance, but you won't own any coins, you will only have the fiat equivalent of those coins and that equivalent will be insured.

[BlackRogue]

It was sad to know bout the rejection , but it wasn't unexpected. The dominating parties have always truied their best to bring the decentralized systems down but I know they will soon realize the need of approving it. It's okay if it gets rejected now, it doesn't stop Bitcoin from growing. And also not like it's always going to get rejeced, let's hope for the best.

[bitfocus]

SEC will stall anything related to Bitcoin as long they can.

[AltCoinShooter]

From my point of view it not true. Till now SEC think about the rejection. IT wil approve I believe. People feel positive reaction on EFT so it will definitely approve by sec.

[muslol67]

I think the main news of the market is this future ETF news! Others shook but did not wash. Obviously, if this is rejected then Bitcoin price will be very low.

[dmcx]

It's just rumored because Some people who hate Bitcoin themselves create bogus rumors about the ETF. To date, the Czech Republic has not yet announced a decision to accept or deny Bitcoin ETF. I think in September we will have the most accurate answer

[rez303]

If the Czech Republic refuses Bitcoin ETF then I think the price will drop but not significantly. Because Bitcoin's community is huge. There are some investors who want to push Bitcoin prices up. We should not need the approval of the Czech Republic

[ansdb]

we need people to invest in the real bitcoin not into these ETF (illusion), someone other agree with me here about this ETF ?

[hua_hui]

The rejection of the bitcoin ETF will continue to grow as it is still a very new market and the price movement is too huge. There is why more time is needed to monitor its growth.

[Mastsetad]

The main aim of the SEC is to provide their investors with optimum security. Fraud, Theft and piracy activities are always out there, so, there are always concerns on safety issues. Due to these the SEC shows negative interest in bitoin, for the time. But this shall pass in no time.

Yes that is really not a good news in favour of bitcoin, and I think that all such limitation should e removes from it. But I am hopeful that this news will not affect the bitcoin price so badly and hopefully the investors will remain calm and will continue holding their shares in bitcoin.

[A Feeder]

Its a sad news, because the ETF we were expecting approval from the SEC. Every rejection in bitcoin ETF seems that its hard for them to accept bitcoin and I thought that's why they not approved ETF because they afraid to risk they minimize the market risk.