United States SEC - Securities and Exchange Commission on Friday casted the ruling of Bats BZX Exchange's rejection on their proposed ruling for changing the list and Coin ETF trade.We will be examining in this article the reason behind the Securities and Exchange Commission's decision as well as the reactions of Bitcoin Community.Inconsistencies on Exchange Act Section 6(b)5 is one of the grounds why SEC rejected the proposal of rule changed which states about requirements and other things on ruling will allow the national securities exchange be designated for the prevention of fraud and manipulation acts and practices and protecting investors as well as the public interest.For them to be able to be consistent, SEC explained about the Exchange Act that : 1.There should be agreements on surveillance-sharing with trading significant markets of Bats BZX Exchange in its directives and Bitcoins.Regulate Bitcoin market is a must.On the other hand, Friday's Order says : We all know that markets of Bitcoin are unregulated largely, that's the basis of SEC's conclusion on Bats BZX Exchange that doesn't have also and may not be able to have the kind of agreement that is surveillance-sharing which all other Securities and Exchange Commission-approved ETP or exchange-traded-products have commodity-trust.

SEC claims about the agreements will help on addressing speculation about potentiality of fraud and acts of manipulation and market practices.Without the following details, there has been inconsistencies on Section 6b5 of the Exchange Act.As of 8th of March, they (the Commission) were receiving Fifty-nine comment letters on the proposal according to them.The 15-page has been directed by an Order of 38-page for comment discussions which has been received by the Securities and Exchange Commission, which being regard as grouped into comments; the Bitcoin of market worldwide, the Gemini exchange, and the Bitcoin derivative markets.Professor Bitcoin also known to be Mark T. Williams commented on Bitcoin commuinity, and as a member of Boston University faculty which specialized in banking, risk in commodity trading and capital markets.The professor is known for his prediction in the last quarter of 2013 that there will be a failure of Bitcoin and down to below 10USD by June of 2014.Though he isn't right on his claim to these days, he is still standing by the idea that there will be a bubbly deflation of Bitcoin and insisted that he will be vindicated.

On that regard, the Commission was citing Williams multiple times in their ruling so probably his comments is on top of the others.He addressed the SEC that there's a lot of flaws in making Bitcoin fundamental of asset class in forcing into a structure of ETF.He also told the Commission to reject the ETF and tried to convince them with telling the problems of volume of shallow trade, low liquidity, extreme hoarding, high bankruptcy risk and no regulation oversight like China and more.buy litecoin credit cardThe approval and disapproval though doesn't have to be lighted from these comments according to the Commission in their writing.cay tien bitcoinAfter the decision, Bitcoin community burst comments in social media.litecoin buy credit card

The actual reasons why it has been rejected and disapproved by the Commission is because of the inconsistencies in changing the rule of Coin ETF where doesn't resonate that good in the community.Popular speaker of Bitcoin Andreas Antonopoulos tweets : “The ETF was denied because bitcoin can’t be regulated, can’t be surveilled.Feature, not bug” Ben Davenport also CTO of Bitgo tweets with his interpretation of the activity : “SEC: bitcoin must be traded on regulated markets to be traded on regulated markets” Senior Advisor Michael Casey at MIT Media Lab tweeted : “SEC rejection of #Bitcoin ETF means the space remains interesting.bitcoin sicher sichernFor now, BTC stays in the zone of disobedience.litecoin price forecastWhile Coin ETFs proposal has been rejected by the SEC, BTC ETF has still hope.fabio bitcoin

Commission wrote : "Bitcoin is still in the relatively early stages of its development and that, over time, regulated bitcoin-related markets of significant size may develop.Should such markets develop, the Commission could consider whether a Bitcoin ETP would, based on the facts and circumstances then presented, be consistent with the requirements of the Exchange Act."The next SEC deadline of Bitcoin ETF is on March 30 on Solidx Bitcoin Trust .bitcoin hardware hong kongThe next of that one is Bitcoin Investment Trust of Barry Silbert which is up on October this year.ethereum githubBitcoin has risen around 2 percent in the past day, pushing towards its all-time high on renewed hope that U.S.faucet bitcoin forumregulators could approve a key trading product for the cryptocurrency.

The price of Bitcoin against the dollar stood at around $1281.17 during mid-morning trade in London, according to CoinDesk data, up from $1251.46 a day ago.Optimism in the market has come from an announcement in the U.S.that the Securities and Exchange Commission (SEC) is reviewing its decision to reject a bitcoin exchange-traded fund (ETF) proposed by Cameron and Tyler Winklevoss.Last month, the SEC denied an application by the Winklevoss twins to list the ETF, which would have made it the first product of its kind in the U.S.The proposal involves listing the ETF on the Bats BZX exchange, one of the largest U.S.Bats filed a notice of petition to review the SEC decision which has now been accepted.It means the SEC will look into its initial decision to reject the ETF."The Commission hereby establishes that any party to the action or other person may file a written statement in support of or in opposition to the Disapproval Order on or before May 15, 2017," the SEC said in a statement posted on its website on Tuesday.

Traders are hoping that this at least opens the doors to the ETF getting a second shot at being approved."The news of the review has definitely excited speculators, although it's unclear if this will alter the SEC's decision.So the gains in the last 24 hours may be temporary," Thomas Glucksmann, head of marketing at regulated cryptocurrency trading platform Gatecoin, told CNBC via email.In the last 24 hours from the time of publication, nearly two-thirds of trades were to buy bitcoin while the rest were to sell, showing the current bullishness around the asset.Bitcoin has been on a steady rise for the past month, up around 23 percent.It is also closing in on its all-time high of $1,325.81 hit in March.The price movement has been supported by a number of factors including Japan beginning to accept bitcoin as legal currency as well as the Russian government making comments about looking to recognize cryptocurrencies as legal financial instruments in 2018.But bitcoin has also had its recent problems.