The US Securities and Exchange Commission has rejected the second second attempt to launch crypto ETF made by the Winklevoss twins, the founders of Gemini cryptocurrency exchange. This news lead to downfall of Bitcoin to $7840. Last year, SEC rejected the first application made by Winklevoss Bitcoin Trust, but in June the company submitted a new edited application that got rejected yesterday. The main reason for refusal is that crypto markets are ?uniquely resistant to manipulation?. The commission also questions investors’ protection against fraud. The SEC further emphasized that their rejection of the petition did not hinge on whether cryptocurrencies or blockchain technology “have utility or value as an innovation or an investment.” Recent BTC growth was caused by the fact that many expected the first crypto ETF to be launched soon so after the news about the rejection was announced it impacted the market immediately. A few hours later the situation stabilized . Bitcoin and some other altcoins already started gaining back their positions. Bitcoin is trading at $7980 as of press time. This news is not expected to influence the upward trend because CBOE, VanEck, SolidX and Bitwise applications are still under consideration. Additional the regulators requested more time to study Direxion Investments application. The market puts its hopes on Bitcoin ETF by Chicago Board Options Exchange. |
