SEC Rejects the Second Bitcoin Exchange-Traded Fund

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A couple of weeks back we saw Bitcoin fall from its mighty high-rise prices to below $8000 a pop right after the SEC dashed any hopes of Bitcoin being recognized officially. The SEC (Securities and Exchange Commission) decided to reject the second round of the Bitcoin Exchange-Traded Fund or ETF which was proposed by Cameron and Tyler Winklevoss.

Over the last year we have seen Bitcoin rise to as much as $19,000, and just last month it was enjoying a mini-high. However, even after the temporary downward spiral, and it dipping to as low as $7,900, it quickly shot up to more than 35% of its value. That’s a much higher value after it hit a mere $5,785.43 just last month.

Mati Greenspan was quoted as saying a few days back that the ETF market had tremendous potential. It had the possibility of opening up the market to a number of well-funded buyers. Not only is Greenspan positive but several others also commented about the positive vibes associated with the Winklevoss’ proposed ETF. If anything it would have influenced major gains in Bitcoin’s value in addition to other currencies.

The good news is that there is yet another ETF application in the works and its called the VanEck SolidX Bitcoin Trust. Currently, the SEC has not released any official comment about this application. However, as per Dodd Frank rules, the SEC has just 45 days within which to take action after the publication of the proposal. So, they have up to August 16th.

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