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From Tyler Durden: After much anticipation (and a spike to record highs earlier today), The SEC has decided to reject the Winklevoss application for a Bitcoin ETF.
The SEC premise appears to be the unregulated nature of the underlying:
Based on the record before it, the Commission believes that the significant markets for bitcoin are unregulated.
Therefore, as the Exchange has not entered into, and would currently be unable to enter into, the type of surveillance-sharing agreement that has been in place with respect to all previously approved commodity-trust ETPs—agreements that help address concerns about the potential for fraudulent or manipulative acts and practices in this market – the Commission does not find the proposed rule change to be consistent with the Exchange Act.
What goes up (to $1327) comes down hard to $978.
Dropping to one-month lows…
For those who use Coinbase and are trying to trade out (or in), sorry: you just got the Bitcoin Screen of Death, with the exchange crashing due to a volume overload.
The Winklevoss Bitcoin Trust ETF (NASDAQ:COIN) had been one of the most anticipated ETFs in history, and speculators looking to cash in on the upcoming ETF helped push BTC to new all-time highs this month. While we do expect some sort of appeals process, the issue appears to be dead for the near future.
You can read the full SEC statement on the matter here.
This article is brought to you courtesy of ZeroHedge.