The Securities and Exchange Commission rejected a second attempt by Gemini exchange founders Cameron and Tyler Winklevoss, to list shares of what would be the first-ever Bitcoin ETF.
It voted the proposal down, 3-1 yesterday.
This is the second time the SEC rejected an application from the twins for the "Winklevoss Bitcoin Trust". In June, the twins submitted a revised edition of their last year's inital proposal but it still didn't cut-the-mustard for the SEC.
The SEC cited that it did not agree with the Winklevoss's argument that Bitcoin markets are "uniquely resistant to manipulation."
It also highlighted issues of fraud and investor protection; suggesting that the SEC is on a mission to prevent fraudulent or manipulative acts and practices, and it's primary concern is to protect investors.
As Bitcoin is traded in an unregulated offshore market, it represents a great concern for the SEC.
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"Despite today's ruling, we look forward to continuing to work with the SEC and remain deeply committed to bringing a regulated bitcoin ETF to market and building the future of money," Cameron Winklevoss, said regarding the matter.
Third times the charm perhaps?
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