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Bitcoin price drops below $ 8,000 amid repeated SEC refusal to launch Winklwos brothers’ bitcoin-ETF with Skyblock Coins Shop

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On Thursday, July 26, the U.S. Securities and Exchange Commission (SEC) rejected for the second time the request of brothers Cameron and Tyler Winklwos to create a bitcoin-linked mutual fund. Against the backdrop of this news, the price of the first cryptocurrency fell by more than 3.5%, again falling below $ 8,000.

We mention that the Winklwos brothers have been looking for a long time for the opening of the Winklevoss Bitcoin Trust since June 2016, sending for this purpose a request to amend the BATS Global Exchange rules, at which the fund’s shares should be traded.

The first rejection was made in March 2017 and, as explained in the SEC, the changes in the rules of the stock exchange cannot be accepted, because in most bitcoin-markets they are not regulated. In addition, the Commission stated that the BATS Global Exchange (BZX) has not concluded and cannot currently conclude a monitoring agreement similar to the one concluded for all previously approved exchange products to prevent tampering and fraud. Learn more about  Skyblock Coins Shop

Shortly after receiving the refusal, BZX appealed against that decision and also submitted additional comments to the Commission. Meanwhile, the discussion about the regulator’s readiness to approve the exchange product for bitcoin trading has not diminished.

However, as the new document shows, the risks identified by the Commission earlier still concern the regulatory authority.

At the same time, it is noted that this decision cannot be considered as an assessment of the cryptocurrency and the blockchain as a whole and refers exclusively to the Bitcoin Trust Winklevoss structure.

“Although the Commission does not approve of the proposed rule, she emphasized that the disagreement was not based on an assessment of Bitcoin or blockchain technology in a broader sense, or their values ​​as innovation or investment. The Commission does not approve the proposed amendment as BZX could not confirm that its proposal complies with Section 6 (b) (5) of the Exchange Act, which expressly provides that the rules should be designed to prevent fraudulent manipulation and good practice ” , the document states.

At the same time, the SEC recalls that it does not rule out the possibility of approving such a product in the future and that, over time, regulated bitcoin markets “may continue to grow and develop.”

“For example, existing or new bitcoin futures contracts can reach significant size, and the listing of these products on the stock exchange will be able to demonstrate in the proposed rule a change in its ability to resolve fraud and manipulation risks by providing information on monitoring a regulated market. significant dimensions associated with bitcoin also, where appropriate, of spot markets associated with bitcoin-derivatives ” , said the regulator.

If this happens, “the Commission will be able to decide whether the bitcoin product meets the requirements of the Stock Exchange Act.”

 

 

 

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