The US Securities and Exchange Commission (SEC) is seeking additional public feedback as it weighs whether to approve a bid to launch a bitcoin exchange traded fund (ETF) by investors Tyler and Cameron Winklevoss.The decision to open up the process to more comment comes after the SEC said it was delaying its final decision on a request to list the ETF on the BATS Global Exchange.The Winklevoss brothers originally sought to list the ETF on the Nasdaq exchange, a request that dates back to 2013.For now, the SEC says it wants feedback on the stability of bitcoin, the manner in which the trust will value the holdings, and any potential conflicts of interest between the custodian and bitcoin exchange Gemini, which is owned by the Winklevoss brothers.SEC deputy secretary Robert Erret wrote in document: "The Commission requests that interested persons provide written submissions of their views, data, and arguments with respect to the issues identified above, as well as any other concerns they may have with the proposal."

Commentators have 21 days from the publication of the SEC document in the Federal Register to formally enter their submissions.Rebuttals can be filed 35 days from that time, the agency said.Image via Shutterstock The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies.Previous Article So, It Looks Like Ethereum is Going to Have to Fork Again... Next Article Polish Parliament Holds Public Consultation on.../r/allBitcoin ETF disapproved (sec.gov)submitted by π Rendered by PID 14890 on app-239 at 2017-06-24 13:09:15.747753+00:00 running 3522178 country code: SG.The Securities and Exchange Commission rejected an application on Friday that would have opened the door for the first exchange-traded fund for the virtual currency bitcoin.The SEC denied a request from Cameron and Tyler Winklevoss, the twins famous for suing Facebook founder Mark Zuckerberg, related to a proposed ETF that would track the price of bitcoin and could be bought and sold as easily as stocks.

The commission said it rejected the application because the bitcoin exchanges that are now used to buy and sell the virtual currency are not regulated.bitcoin detail in urduThe SEC said in its analysis that the exchanges are susceptible to “fraudulent or manipulative acts and practices.” Tyler Winklevoss said in an emailed statement that they would keep working on the ETF.bitcoin legal in romania“We remain optimistic and committed to bringing COIN to market, and look forward to continuing to work with the SEC staff.bitcoin to usd 2007We began this journey almost four years ago, and are determined to see it through.bitcoin vad handerWe agree with the SEC that regulation and oversight are important to the health of any marketplace and the safety of all investors.” The Winklevosses had requested for the ETF to trade on the Bats BZX Exchange, a stock exchange.bitcoin fiat exchange

The virtual currency, which was created in 2010, has had a checkered past in part because of the anonymity it allows users.bitcoin kopen localThe currency gained traction as a fast way to send money internationally, but has also been criticized as being vulnerable to hacking or technical crashes.most liquid bitcoin exchangeA bitcoin ETF would allow people to invest in the digital currency in the same way that they can buy funds that track tangible currencies such as the dollar, the yen or the euro, said Todd Rosenbluth, director of ETF and mutual fund research at CFRA.australian bitcoin stolenBut unlike the more conventional currencies, which are influenced by trends in the economy, decisions by central banks and other metrics, it is more difficult to identify the forces influencing the price of bitcoin, Rosenbluth said.bitcoins kaufen 2014

In its decision, the SEC said that commentators expressed concerns that bitcoin exchanges are subject to price “volatility and instability.” Bitcoin prices have fluctuated as investors have swung from being optimistic about the potentially positive effects of an ETF to being concerned about reports of security breaches or potential investigations.The price of bitcoin swung widely on Friday as investors worried about the fate of the ETF.The price plunged as low as $1,066 following the decision after surging to a record high above $1,300 earlier in the day, according to the Bitcoin Price Index from CoinDesk, a website that tracks digital currencies.The rejection may put a damper on other efforts to make the virtual currency widely available to investors through ETFs.At least two other requests for bitcoin ETFs are still pending with the SEC from Grayscale Investments and SolidX.Companies active in the bitcoin world need to band together when it comes to regulation.The Winklevoss twins have been trying to get their bitcoin ETF approved for some time now, without much success.

Interestingly enough, they received some help from Circle in the form of an official response sent to the SEC.It is doubtful this will hasten the approval of this ETF, even though it is a positive sign for sure.Institutional investors across the US can benefit greatly from having access to a .After all, they are not buying cryptocurrency directly, negating most of the risks associated with this type of trading activity.Instead, they invest in an ETF that is publicly traded and reap the rewards from bitcoin’s price movements through an alternative financial vehicle.Moreover, it is becoming somewhat difficult for large investors in the US to buy bitcoin directly.The lack of regulated domestic providers can be a drawback for some traders, that much is certain.Instead, they will use foreign bitcoin trading platforms, which is anything but convenient.Introducing a bitcoin ETF could resolve all of these problems and more, assuming the SEC will approve it in the first place.It is nice to see put in a good word to the SEC regarding the Winklevoss’ bitcoin ETF.

Many people feel these financial vehicles will make bitcoin more appealing to mainstream investors.Unfortunately, the SEC takes its sweet time to render a decision regarding this particular trading vehicle.Although the deadline for their decision is drawing near, the situation can head in either direction.With the help of Circle, things may evolve in the right direction moving forward.Circle stated the following in their letter to the SEC: “The listing of the Winklevoss Bitcoin Shares would open up a conventional route into this asset class for institutional and individual investors while eliminating many of the risks associated with handling cryptographic keys and dealing with unregulated online exchanges and custodians.Gemini does not offer such products and would be able to serve as a trusted, regulated spot exchange for institutional market participants driving the arbitrage mechanism that ensures efficient pricing between spot price and the Winklevoss Bitcoin Shares.“ All things considered, this is a clear nod of approval for the bitcoin ETF by Circle.