Gemini Crypto Exchange Owners See Bitcoin ETF Appeal Rejected by SEC

    There was big news in the ETF space today as the SEC rejected the exchange traded fund proposed by Cameron and Tyler Winklevoss, founders of cryptocurrency exchange Gemini.

    The ETF, if approved, would have been the first ever cryptocurrency ETF. To date, the SEC has denied all requests to launch a crypto ETF. This is the 16th straight rejection by the Securities and Exchange Commission regarding cryptocurrency ETFs, and this denial doesn’t give us much hope for a bitcoin ETF to be approved in the near future.

    Bitcoin has been soaring higher over the past few weeks amid rumors of the SEC’s approval of a bitcoin ETF. Bitcoin reached a high above $8,300 earlier this week after it was revealed that the SEC could approve an ETF as soon as August or September 2018.

    This latest news will likely dampen crypto prices short-term as we have already saw Bitcoin (BTC) price drop from today's high of near $8,300 USD to currently at $7,973 which is a $325+ drop, all of which 95% of that occurred since the news broke within the past hour.

    The SEC announced the ETF denial earlier today, claiming to have witnessed problems with security, market manipulation, and investor protection.

    This isn’t the first time the SEC has rejected the Winklevoss twins and Gemini. Last year, the SEC denied an application to launch the Winklevoss Bitcoin Trust. In June 2018, the group updated their application to match a proposed rule change.

    The SEC took issue with several specific claims made by the Winklevoss ETF group. They rejected the argument, for example, that bitcoin markets like the Gemini Exchange were uniquely resistant to manipulation. The SEC also highlighted problems related to fraud and investor protection.

    This latest announcement could dampen enthusiasm of a bitcoin ETF being approved anytime soon. The ETF from the Winklevoss twins is similar to other ETF proposals – like the proposed ETF from VanEck and SolidX, which jointly filed a bitcoin ETF earlier this month. The crypto community is also waiting for that ETF to be approved or denied by the SEC.

    Meanwhile, the SEC has delayed deliberations on five other bitcoin ETFs until September 2018 – although the VanECk and SolidX ETF is not among them.

    Asset management company Bitwise joined the list of ETF hopefuls on Tuesday, filing an application for an ETF that would track a basket of cryptocurrencies.

    Ultimately, this likely won’t be the last time the Winklevoss twins and Gemini attempt to launch a crypto ETF. They were one of the first and largest groups to push for a crypto ETF. Stay tuned to see where the Winklevoss bitcoin ETF goes next after this latest denial.

    Let's see what Insights Crypto Twitter had to say thus far:

    Regardless, here are some more important reads and insights into the bitcoin exchange traded fund race as many more options are coming down the pipeline:

    VanEck Insists Proposed Bitcoin ETF is “Consistent” with SEC Regulations, August 10 Date Still Key

    Crypto Fans, August 10 is Next Bitcoin ETF SEC Ruling on VanEck SolidX Bitcoin Trust

    Bitcoin ETF Impact Can Tap into $41 Trillion Dollar Global Pensions Market

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