Thursday, 30 March, 2017

SEC Rejects Winklevoss' Bitcoin ETF Bid

Bitcoin Price Rises Above Gold As Investors Get Excited About EFT Approval How Trump helped bitcoin become more valuable than gold
Preston Stone | 13 March, 2017, 00:22

Three bitcoin groups - including one run by Cameron and Tyler Winklevoss, the Harvard-educated Olympic rowers best known for accusing Facebook founder Mark Zuckerberg ofstealing their idea - haveasked for regulatory approval. It's increased almost 30 per cent so far this year.

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 decision immediately sent the price of the crypto-currency down 14 percent, to about $1,022.68 after the decision, which came shortly after the market closed. The proposal would use Winklevoss backed businesses to store the bitcoins that would back the shares.

Bitcoin still is in the early stages of its development, the SEC noted, adding that, "Over time, regulated bitcoin-related markets of significant size may develop". Our first inclination on the news Friday was to buy more bitcoin, but as we woke up on Saturday and prepared to enter the market, we noticed prices had already recovered. If the fund passes muster with the SEC, investors should be relatively confident that it is structurally sound, says ETF Trends Editor Tom Lydon. We know that this sounds overly optimistic, but we want to remind readers that we suggested buying the dip after the Bitfinex exchange hack and when prices crashed down to around $600 just months ago. Bitcoin is surprisingly widely held and regularly traded-but nowhere near the level of mainstream ETFs. "They have different structures in terms of how they're going to secure the bitcoin".

It is understandable that a lot of people are excited as the March 13 date comes closer, causing the price of bitcoin to surge more than 20 percent this year due, in part, to speculation about the Winklevoss ETF. If an exchange has sloppy security, or if someone's electronic wallet is compromised, the money can easily be stolen.

Patriots trade for Dwayne Allen
Former Clemson tight end Dwayne Allen is being traded to the NFL's defending champions, according to multiple reports. Roughly 24 hours prior to the opening of free agency, the Patriots are making a major splash in the trade market.

"This doesn't mean that there will not be a bitcoin ETF", said Julie Hyman of Bloomberg following the announcement.

The regulators have questions and concerns about how the funds would work and whether they could be priced and trade effectively, according to a financial industry source familiar with the SEC's thinking.

"The disapproval does not change Bitcoin's compelling fundamental growth story", Spencer Bogart, Managing Director and Research Head at Blockchain Capital, said to Bitcoin Magazine.

Two other companies are vying to become the first bitcoin-focused ETF, but what might happen next is unclear, noted MarketWatch reporters Ryan Vlastelica and Joseph Adinolfi.

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