by Tyler Durden After much anticipation (and a spike to record highs earlier today), The SEC has decided to reject the Winklevoss application for a Bitcoin ETF.The SEC premise appears to be the unregulated natuire of the underlying: Based on the record before it, the Commission believes that the significant markets for bitcoin are unregulated.Therefore, as the Exchange has not entered into, and would currently be unable to enter into, the type of surveillance-sharing agreement that has been in place with respect to all previously approved commodity-trust ETPs—agreements that help address concerns about the potential for fraudulent or manipulative acts and practices in this market - the Commission does not find the proposed rule change to be consistent with the Exchange Act.What goes up (to $1327) comes down hard to $978!Dropping to one-month lows... *  *  * For those who use Coinbase and are trying to trade out (or in), sorry: you just got the Bitcoin Screen of Death: Full SEC Statement below:

Share This Story!Let friends in your social network know what you are reading aboutTwitterGoogle+LinkedInPinterestPosted!A link has been posted to your Facebook feed.Federal regulator rejects Winklevoss bid for first bitcoin exchange fundxEmbedCLOSEThe Securities and Exchange Commission Friday rejected a proposal for the first exchange-traded fund that would track the price of the digital currency known as bitcoin.Announced in an order on the regulator's website, the ruling means average investors won't immediately get easier access to bitcoin-related trading.The decision also marks a setback for Bats Global Markets, which proposed the fund, the high-profile Winklevoss brothers, whose bitcoin trust would have been listed and traded, and for the digital currency itself.SEC Bitcoin OrderDebuting in 2009, bitcoin is a decentralized digital currency traded from person-to-person, rather than through banks.It and has no issuing or regulating country.The SEC ruling based the rejection on its finding that "significant markets for bitcoin are unregulated."

As a result, the Bats exchange has been unable to reach security surveillance sharing agreements that would "help address concerns about the potential for fraudulent or manipulative acts and practices," the order said.However, the SEC left open the door to eventual approval of bitcoin-related trading as the digital currency gains increased acceptance and usage.A briefing on bitcoinOver time, "regulated bitcoin-related markets of significant size may develop," the order said."Should such markets develop, the Commission could consider whether a bitcoin" exchange-traded fund would be consistent with the SEC's security requirements.Bitcoin, which had traded as high as $1,325.81 on Friday, plunged roughly 6% to $1,120 shortly after the SEC action, according to CoinDesk.Crytpocurrency bitcoin reaches all-time highBats, which would have hosted the proposed fund's trading on its BZX Exchange operated by CBOE Holdings, is "reviewing the SEC’s notice very intently and will have no further comment," said spokeswoman Hannah Randall.Cameron and Tyler Winklevoss, the brothers who famously argued they had been misled when they agreed to settle their lawsuit that claimed Mark Zuckerberg stole their idea to launch Facebook, could not immediately be reached for comment on the setback to one of their latest financial ventures.Their company website features plans for Gemini, a "fully regulated, fully compliant, New York-based bitcoin exchange for both individuals and institutions alike."Bitcoin

advantages include low exchange fees, no variance in value by country and accounts that cannot be frozen.Unlike paper money, where governments decide how much currency to issue, the digital currency is generated by "miners" who use special software to solve mathematical problems and are then issued bitcoin in exchange.In its comment letter to the SEC, the Bats exchange said increasing strength and resiliency of the global bitcoin marketplace would reduce potential price manipulation of the digital currency.However, other commenters said most bitcoin trading volume is conducted on unregulated exchanges outside the U.S.bitcoin wiki vietnamFinancial practices on those exchanges significantly influence the price discovery process for bitcoin, the commenters said.Federal investigators spotlighted one dark side of bitcoin usage with the 2015 criminal trial of Ross Ulbricht, the accused mastermind of Silk Road, the darknet drug-trafficking site that served as an underworld version of eBay for a worldwide network of drug dealers and users.ethereum ico contract

All transactions on the site were conducted in bitcoin as part of a bid to avoid identification of buyers and sellers.Silk Road 'darknet' boss found guilty of running massive drug websiteUlbricht was found guilty, and is now appealing his sentence of life in prison.Contributing: Elizabeth WeiseFollow USA TODAY reporter Kevin McCoy on Twitter: @kmccoynycbitcoin reach 10000SEC Rejects Winklevoss Bitcoin ETF 4:51 PM EST March 10, 2017 Bloomberg’s Julie Hyman and Joe Weisenthal discuss the Securities and Exchange Commission’s rejection of the Winklevoss twins' application for an exchange traded fund for bitcoin.bitcoin rare pepeThey speak on “What’d You Miss?” (Source: Bloomberg) Most Recent Videosrental starter bitcoinSecurities and Exchange Commission on Friday denied a request to list what would have been the first U.S.купить litecoin visa

exchange-traded fund built to track bitcoin and Bitcoin briefly plunged below $1000, but was last seen near $1,150.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.“Based on the record before it, the Commission believes that the significant markets for bitcoin are unregulated,” the SEC said in a statement posted online.bitcoins kaufen instant“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.”The ETF is more or less a common stock fund pegged to the price of Bitcoin, allowing investors to purchase Bitcoin without the work of establishing a personal wallet.bitcoin kurs china(In concrete terms, the ETFs investors will be buying shares whose price will always be the same as the the price of a single bitcoin, similar to an equivalent investment in gold or cattle.)bitcoin 2020 predictions

Without a wallet, investors still won’t be able to spend Bitcoin, but they can buy and sell it at market price, adding more liquidity to the Bitcoin system overall.From the rejection of the filing:Several commenters note that the majority of bitcoin trading occurs on exchanges outside the United States.One commenter claims that most daily trading volume is conducted on poorly  capitalized, unregulated exchanges located outside the United States and that these non-U.S.exchanges and their practices significantly influence the price discovery process.Another  commenter states that the biggest and most-influential bitcoin exchange is located outside U.S.jurisdiction.One commenter states that, since 2013, the price of bitcoin has been defined mostly by the major Chinese exchanges, whose volumes dwarf those of exchanges outside China.According to the commenter, those exchanges are not regulated or audited, and are suspected of  engaging in unethical practices like front-running, wash trades, and trading with insufficient funds.

The commenter interprets pricing data from these Chinese exchanges to mean that the  price of bitcoin is defined entirely by speculation, without any ties to fundamentals.Another  commenter also observes that Chinese markets drive much of the volume in the bitcoin markets  and that the bitcoin/Chinese Yuan (BTC/CNY) quote is apt to trade at a significant premium to  the bitcoin/U.S.The commenter points out that large arbitrage  opportunities would not exist for long in efficient markets, but they do persist in bitcoin  markets.One commenter claims that a sizeable number of traders and owners of bitcoin do not  desire to trade in a well-regulated environment for reasons including tax evasion, evading capital  controls, and money laundering.This commenter also states that U.S.exchanges do not offer  products such as fee-free trading, margin trading, or options, which drive traffic to the top non U.S.The commenter claims that, because trade is now sparse on regulated U.S.exchanges including Gemini, arbitrage will not occur efficiently or proportionally to mitigate About the Author Latest ArticlesA2B Direct to Launch a Blockchain Platform and Hold an ICO The ‘under the radar’ ICO, Populous.