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Bitcoin dipped 3% as SEC rejected Winklevoss ETF proposal

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The Securities and Exchange Commission rejected a second attempt by Cameron and Tyler Winklevoss, founders of crypto exchange Gemini, to list shares of what would be the first-ever bitcoin ETF.

The June proposal from BATS BZX Exchange to list and trade the Winklevoss Bitcoin Trust's commodity-based shares was voted down 3-1 by the commission Thursday.

The price of bitcoin dipped 3 percent to $7,880 following the news, according to data from Coinbase.

Last year, the SEC disapproved an application for the "Winklevoss Bitcoin Trust" but in June, the group submitted a proposed rule change. Among other arguments, the agency said in a release Thursday that it did not support the Winklevoss's argument that bitcoin markets, including the Gemini Exchange, are "uniquely resistant to manipulation." It also highlighted issues of fraud and investor protection.

The SEC emphasized that the disapproval does not rest on an evaluation of whether bitcoin or blockchain technology has value as an innovation or investment.

Source: CNBC


 Trader Georgi Bozhidarov

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