Home Market Headlines Bitcoin plunges 10% after SEC rejects Winklevoss Bitcoin ETF

Bitcoin plunges 10% after SEC rejects Winklevoss Bitcoin ETF

Crypto Insider – Press Release – SEC

In its statement, the SEC stated, “the Commission is disapproving this proposed rule change because it does not find the proposal to be consistent with Section 6(b)(5) of the Exchange Act, which requires, among other things, that the rules of a national securities exchange be designed to prevent fraudulent and manipulative acts and practices and to protect investors and the public interest.”

“The rejection of the Winklevoss Bitcoin ETF by the SEC is no big deal,” said Crypto Insider contributor and editor Giulio Prisco, adding that the ETF is like a fax machine in the age of the internet. “Exchange Traded Funds (ETFs) pegged to the value of bitcoin seem to me already obsolete before launch, like fax-back services for internet content. ETFs are presented as investment vehicles for those ‘traditional investors’ who want to speculate on the value of bitcoin. But investors already have faster, better, and easier means to speculate on the value of bitcoin. Today, buying bitcoin on an exchange and storing it safely in a ‘bitcoin bank’ service like Circle is easy and quick. Who needs the ETF?”

The above is to be considered opinion and not investment advice in any way, as an unbiased media, no one interferes with the Editorial content of CryptoInsider.com, writers have freedom to choose their own direction, members of Crypto Insider do not participate in trades based on content.

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