The Winklevoss brothers were denied the first Bitcoin ETF by the SEC, also known as the Securities and Exchange Commission. A major blow to the growing cryptocurrency reputation and adoption. An ETF is an “exchange-traded fund”, an investment tool that monitors bonds, asset portfolios, and benchmark indexes. ETF’s can also be traded similar to a stock on exchanges, an extremely useful tool in trading.
Current SEC commissioner disagrees with the agencies action on the situation. This is what she wrote to the agency:
“The Commission’s mission historically has been, and should continue to be, to ensure that investors have the information they need to make intelligent investment decisions and that the rules of the exchange are designed to provide transparency and prevent manipulation as market participants interact with each other. The Commission steps beyond this limited role when it focuses instead on the quality and characteristics of the markets underlying a product that an exchange seeks to list.”
Denying such a request for the rising image of cryptocurrency, Bitcoin, is a huge mistake for the growing economy. SEC Commissioner Hester M. Peirce is well aware of this issue and wants to adopt and grow with cryptocurrency and blockchain.
“By precluding approval of cryptocurrency-based ETPs for the foreseeable future, the Commission is engaging in merit regulation. Bitcoin is a new phenomenon, and its long-term viability is uncertain. It may succeed; it may fail,” she said. “The Commission, however, is not well positioned to assess the likelihood of either outcome, for bitcoin or any other asset.”
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