Markets

Bitcoin drops 15% after the SEC rejects the Winklevoss ETF

Bitcoin drops 15% after the SEC rejects the Winklevoss ETF

"We remain optimistic and committed to bringing Coin to market, and look forward to continuing to work with the SEC staff", said Tyler Winklevoss, according to the "Wall Street Journal". The Winklevoss Twins (of Facebook fame) recently filed to open an ETF or fund that invested in bitcoin as an asset. In fact, the price of bitcoin crashed more than 20% after the news was announced. By Friday's end, the currency dipped 7.6 percent to $1,101.

"It's a very unilaterally controlled process there", Josiah Hernandez, chief strategy officer at Bitcoin ATM company Coinsource, told The Post.

But the Securities and Exchange Commission (SEC), rejected Coin's application, saying it was incompatible with certain regulations created to prevent fraud and protect investors.

The value of one bitcoinrose to $1,290 Friday as the value of an ounce of gold sank to $1,228, marking the first time that the e-currency became more valuable than the precious metal. There's only a small constituency of individuals that even understand what bitcoin is, let alone how to trade it and transact it.

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The decision caps a more than three-year quest by bitcoin investors Cameron and Tyler Winklevoss, who first sought to list the bitcoin-tied product in mid-2013. Worth nearly nothing when it was created eight years ago, bitcoin hit a record high above $1,300 this week, topping the price of an ounce of gold. "How do we develop well-capitalized and regulated markets in the USA and Europe if financial innovators aren't allowed to bring products to market that grow domestic demand for digital currencies like Bitcoin?" The law requires the SEC to make sure that a newly traded asset existed in a well-regulated market that adequately protects people from manipulation and fraud. He said SEC oversight and regulation are critical to the health of the marketplace and the safety of investors.

A decision on the Winklevosses' proposed ETF is expected by Saturday.

"How do we develop well-capitalised and regulated markets in the United States and Europe if financial innovators aren't allowed to bring products to market that grow domestic demand for digital currencies like Bitcoin?" asked Jerry Brito, executive director of Coin Centre, an advocacy group. Grayscale Investments Bitcoin Investment Trust, backed by early bitcoin advocate Barry Silbert and his Digital Currency Group, filed an application a year ago.

"Based on the record before it, the Commission believes that the significant markets for bitcoin are unregulated", the SEC said in a statement.


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