NEW YORK The U.S.Securities and Exchange Commission on Friday denied a request to list what would have been the first U.S.exchange-traded fund built to track bitcoin, the digital currency.Investors Cameron and Tyler Winklevoss have been trying for more than three years to convince the SEC to let it bring the Bitcoin ETF to market.CBOE Holdings Inc's Bats exchange had applied to list the ETF.The digital currency's price plunged, falling as much as 18 percent in trading immediately after the decision before rebounding slightly.It last traded down 7.8 percent to $1,098.Bitcoin had scaled to a record of nearly $1,300 this month, higher than the price of an ounce of gold, as investors speculated that an ETF holding the digital currency could woo more people into buying the asset.Bitcoin is a virtual currency that can be used to move money around the world quickly and with relative anonymity, without the need for a central authority, such as a bank or government.Yet bitcoin presents a new set of risks to investors given its limited adoption, a number of massive cybersecurity breaches affecting bitcoin owners and the lack of consistent treatment of the assets by governments.

"Based on the record before it, the Commission believes that the significant markets for bitcoin are unregulated," the SEC said in a statement."The commission notes that bitcoin is still in the relatively early stages of its development and that, over time, regulated bitcoin-related markets of significant size may develop."Theregulators have questions and concerns about how the funds would work and whether they could be priced and trade effectively, according to a financial industry source familiar with the SEC's thinking."Webegan this journey almost four years ago, and are determined to see it through," said Tyler Winklevoss, CFO of Digital Asset Services LLC."We agree with the SEC that regulation and oversight are important to the health of any marketplace and the safety of all investors."The Winklevoss twins are best known for their feud with Facebook Inc founder Mark Zuckerberg over whether he stole the idea for what became the world's most popular social networking website from them.

The former Olympic rowers ultimately settled their legal dispute, which was dramatized in the 2010 film "The Social Network."Sincebitcoin to sterling converterthen they have become major investors in the digital currency, which relies on "mining" computers that validate blocks of transactions by competing to solve mathematical puzzles.bitcoin tax basisThe first to solve the puzzle and clear the transaction is rewarded with new bitcoins.rival networks bitcoinSolutions to the puzzle come roughly every 10 minutes.Advocates of the currency and the technology it relies on to document transactions, blockchain, were dismayed by the ruling.ukash 2 bitcoin

and Europe if financial innovators aren't allowed to bring products to market that grow domestic demand for digital currencies like bitcoin?"bitcoin akzeptiertasked Jerry Brito, executive director of Coin Center, an advocacy group.Spencer Bogart, head of research at Blockchain Capital, said bitcoin's price could fall as much as 20 percent but that its long-term adoption will continue.A Bats spokeswoman said the exchange is reviewing the SEC's statement and would have no further comment.There are two other bitcoin ETF applications awaiting a verdict from the SEC.litecoin added to coinbaseGrayscale Investments LLC's Bitcoin Investment Trust, backed by early bitcoin advocate Barry Silbert and his Digital Currency Group, filed an application last year.SolidX Partners Inc, a U.S.bitcoin pool france

technology company that provides blockchain services, also filed its ETF application last year.(Reporting by Trevor Hunnicutt and Gertrude Chavez-Dreyfuss; Additional reporting by Sarah N. Lynch in Washington and John McCrank in New York; Editing by Sandra Maler and Jennifer Ablan)litecoin anfängerThe COIN ETF is a no-go.Almost four years in the making, in a highly anticipated verdict published earlier today, the U.S.huong dan choi bitcoinSecurities and Exchange Commission has rejected the the Winklevoss Bitcoin Trust exchange traded fund (ETF).An ETF is an investment fund that holds assets like stocks, commodities or bonds, and trades on stock exchanges.This ETF, the Winklevoss Bitcoin Trust intended to have been listed as COIN, would have let institutional investors invest in bitcoin, without actually needing to buy or hold the digital currency themselves; these would be held by a custodian, Gemini.In its decision, the SEC singled out two major concerns regarding the application.

First, the exchange must have surveillance-sharing agreements with significant markets for trading the underlying commodity or derivatives on that commodity.And second, those markets must be regulated.“[T]he Commission does not find that the proposed rule change is consistent with […] the Exchange Act—which requires that the rules of a national securities exchange be designed, among other things, to prevent fraudulent and manipulative acts and practices and to protect investors and the public interest — because the Commission believes that the significant markets for bitcoin are unregulated and that, therefore, the Exchange has not entered into, and would currently be unable to enter into, the type of surveillance-sharing agreement that helps address concerns about the potential for fraudulent or manipulative acts and practices in the market for the Shares.”Gemini — the bitcoin exchange operated by the Winklevoss twins and proposed custodian for COIN — is properly regulated in New York state, but only accounts for relatively low trade volumes.

Meanwhile the major bitcoin markets, the SEC notes, are currently located outside of US jurisdiction.Immediately following the announcement, the price of bitcoin dropped sharply from some $1290 to $970 and is sitting around $1120 at time of publication.Unsurprisingly, not everyone agrees with the verdict.“This creates a chicken-and-egg problem,” Coin Center’s Jerry Brito commented.“How do we develop well-capitalized and regulated markets in the U.S.and Europe if financial innovators aren’t allowed to bring products to market that grow domestic demand for digital currencies like Bitcoin?”In spite of disappointment among many bitcoiners at the result, there are plenty in the community who are nonplussed by the news.the ETFs dont add to #bitcoin utility, they give passive investors an easier way to buy the future potential, though lacking bearer property— Adam Back (@adam3us) March 10, 2017 For some, it was even viewed as an affirmation: The ETF was denied because bitcoin can't be regulated, can't be surveilled.

Feature, not bug.— Andreas (@aantonop) March 10, 2017 “The disapproval does not change Bitcoin’s compelling fundamental growth story,” Spencer Bogart, Managing Director and Research Head at Blockchain Capital, said to Bitcoin Magazine.“We always viewed the potential for the ETF as a low-probability event that would only accelerate and de-risk the trajectory that bitcoin has already been on over the past 8 years.” We choose to go to the Moon not because some "authority" approved the mission, but because they claimed we couldn't do it without them.— Jameson Lopp (@lopp) March 10, 2017 Besides COIN, two other bitcoin ETFs are still in the running: SolidX Bitcoin Trust and the Bitcoin Investment Trust (BIT), sponsored by Barry Silbert’s Grayscale Investments.SolidX Bitcoin Trust is due to be considered for approval by the SEC by the end of this month — BIT will take until the end of the year.However, given the motivation to reject the Winklevoss’ ETF, Bogart considers it unlikely these two will have more luck with the SEC.“The grounds for the disapproval suggest that the other Bitcoin ETFs that are going through the approval process are also unlikely to be approved,” he said.