Crypto Markets Suffer as Winklevoss Bitcoin ETF Rejected by SEC
30 July, 2018, 03:34 | Author: Sheri Evans
Bats BZX is in nearly the same position as previous year, when it was first rejected.
In a press release detailing the decision, the organisation said: "The Commission is disapproving this proposed rule change because..." The proposal was rejected because it is not "designed to prevent fraudulent and manipulative acts and practices [and] to protect investors and the public interest". A truer test of market sentiment however, will likely emerge when the SEC's decision on the more hotly anticipated bitcoin ETFs arrives. For example, a stock exchange listed on the European Technology Platform may demonstrate in a proposed change to the rules that it will be able to address the risk of fraud and manipulation by sharing surveillance information with a regulated market of significant size related to bitcoin.
A sudden drop in the price of BTC from $8,300 to $7,900 led other major digital assets and small market cap tokens to fall substantially in both value and volume.
While the accurate date of the SEC clear decision on the ETF has been expected by many as being August 16th due to the clause that the authority usually makes an announcement 45 days after a filing is published on its website. The SEC disapproved the proposal in March past year but then granted BZX's petition for review and opened it to public comment, according to the regulator.
And one SEC commissioner stood up against the decision. She also stated that the exchange has the ability to halt trading in response to "market conditions that are inconsistent with the maintenance of a fair and orderly market". After slipping to as low as US$7,793.02 on Friday, bitcoin rebounded past US$8,000 as Ms. Peirce detailed why she supported a bitcoin ETF. She argued that the establishment of an ETP would invite more price arbitrage and thus better connections among markets. According to the regulatory body's newstatements, there were issues with fraud and investor protection in the revised proposal, resulting in a denial from the SEC. An ETP based on bitcoin would offer investors indirect exposure to bitcoin through a product that trades on a regulated securities market and in a manner that eliminates some of the frictions and worries of buying and holding bitcoin directly.
On broader terms, Peirce also believes that "the disapproval order demonstrates a skeptical view of innovation, which may have an adverse effect on investor protection, efficiency, competition, and capital formation well beyond this particular product".
Many pundits have attributed Bitcoin's recent positive action to keen speculators envisioning massively positive price action if precedent is set for the trading of Bitcoin ETFs.
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