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.
Article on the Winkelvoss twins being rejected by the SEC for an etf. Ok, not great news, but this is not the one we are waiting on, the one we are waiting on is the CBOE. In my opinion that's the one that is connected enough to get it passed, and more importantly that is the one that has lined up insurance to protect investors from loss, which is huge. Crypto is taking a hit on this, but this isn't the one that matters.
Read the full story here...
https://www.cnbc.com/2018/07/26/winklevoss-twins-bitcoin-etf-rejected-by-sec.html
Bitcoin under $8000 now, buy the dip...?
Selling bitcoin because you expected Cboe ETF to be approved but Winklevoss ETF got rejected is like selling Twitter shares because Facebook plunged 22%.
Those two are not the same!
SEC Commissioner Peirce @HesterPeirce thinks the rule change allowing the Winklevoss ETF should be APPROVED. Read her letter of dissent:
https://www.sec.gov/news/public-statement/peirce-dissent-34-83723#.W1pFkUuJsjk.twitter
Best regards,
@truth-exposed88
Good comment, so true.
Let's see how long the selling lasts, I personally took the opportunity to buy a little more bitcoin, thinking it will be a temporary selloff