BREAKING! Bitcoin ETF is - DENIED - by the SEC in the USA for the Winklevoss Twins- Bitcoin leaking again for time being!
Breaking news as I type this -- The U.S. SEC (Securities Exchange Commission) has JUST ruled minutes ago to
DENY the Bitcoin ETF by Winklevoss Capital --
controlled by the famous Tyler & Cameron Winklevoss Twins who were the Harvard U. students who helped found Facebook & were cut out by fellow student Mark Zuckerberg -- it is detailed in the movie -- The Social Network if you have not seen it.
Here's the snippet of the official wording from the SEC
Full 38 page SEC ruling: See these links below:
https://www.sec.gov/rules/sro/batsbzx/2017/34-80206.pdf
https://www.scribd.com/document/341525998/34-80206
http://www.theverge.com/2017/3/10/14883350/sec-bitcoin-etf-order-winklevoss-denied
The Securities and Exchange Commission has denied the application for the Winklevoss Bitcoin Trust ETF, in a stunning defeat for its founders, the Winklevoss Twins. In an order today, the commission found that the proposed fund was too susceptible to fraud, due to the unregulated nature of Bitcoin. The result is a major setback for the fund, and a frustrating false start for the crypto-currency at large.
The ETF is essentially a common stock fund pegged to the price of Bitcoin, allowing investors to purchase Bitcoin without the work of establishing a personal wallet. (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.) 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.
Since the ETF is an investment tool, it requires approval from the SEC before it can be offered to the public. Many in the Bitcoin world were deeply unsure how the SEC would rule, with Fortune describing the odds of approval as “a coin toss.” Still, approval would have meant a massive new opportunity for the Bitcoin world, and some experts predicted the price of Bitcoin would double if the fund was approved.
Unfortunately for speculators, the commission ultimately concluded that the price of Bitcoin is still too vulnerable to manipulation for it to be certified. “Regulated markets related to the underlying asset provide a ‘necessary deterrent to manipulation,’” the commission wrote in its analysis. “To the extent there is some question as to the degree to which Bitcoin is subject to manipulation... regulated markets relating to Bitcoin would help answer that question and address instances of such manipulation.”
While today’s news is certainly disappointing for Bitcoiners, it won’t be the currency’s last shot at such a certification. There are still two other ETF proposals pending before the SEC, and there are significant differences that might allow either one to succeed where the Winklevoss proposal failed.
http://www.coindesk.com/sec-shoots-winklevoss-bitcoin-etf-bid/
- said the following today after the decision:
The US Securities and Exchange Commission has denied a bid to list a bitcoin-tied exchange-traded fund (ETF), citing the risk of fraud and a lack of regulation among the world’s bitcoin markets.
The decision caps a more than three-year quest by bitcoin investors Cameron and Tyler Winklevoss, who first sought to list the bitcoin-tied product in mid-2013. The SEC has been weighing a proposed rule change that would pave the way for the ETF to be listed on the Bats BZX Exchange.
In that time, the SEC has solicited numerous public comments and punted its decision forward several times. As well, the ETF’s backers have expanded the scope of the offering from an initial $20m to $100m.
The Winklevoss Twins Bitcoin ETF news all day from 8 am EST onwards, with this pending SEC decision, is having a huge impact on the trending and volatility on the Bitcoin and Crypto Currency markets and space.
The Bitcoin markets took a huge dip days ago and today the last several hours trended a massive spike north in price --- nobody ever knows for sure ALL the reasons for such things of course -- but presumably it has EVERYTHING to do with the looming news/deadline for the Winklevoss Twins (Harvard/Facebook/Social Network movie ties) --- Bitcoin ETF being approved or denied (or postponed) the next few hours a leak has said as the March 11th date was pushed til the 13th......
as government forgot that the 11th falls on a weekend. Right? Government is so awesome and competent!
Thanks for reading, have a nice day.
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Sorry if I cannot get to replies right away.
Thanks for all the information, including the little comment and chart in your first reply to your article. as you say so aptly, we don't need no stinking SEC! LOL!!! I can almost hear Pink floyd singing it too! ;)
All for one and one for all! Namaste :)
Amen brother. I was on this thing all day like the government on your civil liberties and taxable income.
Updating comments with info and pics now and as the day goes.....
LITECOIN exchange ~75 mins after ruling hardly affected and up a bit even: Poloniex Exchange:
Important why??-- shares the exact same codebase as Bitcoin ---- others too, to a lesser extent
Litecoin --- up about 6.5% here!
China or some other foreign country will create an ETF for bitcoin. It's just a matter of time. It's a good time to buy on the dip because it will probably be back to the 1300 level in the next couple weeks.
2 of my series/updates are out today, I had to spend time getting them done. Have a nice weekend.
I know you will always remain awake... Keep your good work up.
Thanks, you too.
That's what I was saying today, and in the comments here too.
You are right and it won't take weeks, it might take a day or 3.
Look at the comments section here and all the alt coin gains/charts I posted as proof within mins of the decision
Even LTC that shares the BTC codebase is up 6% LOL
Your reward for being in
Promotedis an upvote and 0.007 SBD extra promotion.Good job, keep your contents promoted! :)
Thanks again!!!!!!
Bloomberg reminding everyone that Bitcoin has outperformed every major currency the past year or more:
DASH exchange ~75 mins after ruling hardly affected and up a bit even: Poloniex Exchange:
Up 9% or so here!!!
NEARLY EVERY ALT COIN on the exchange was up after the ruling immediately, and still up ~75 mins or so later Poloniex Exchange: (box on the right of this screen grab 5:40 pm EST) --- SO MUCH GREEN!!!
ETHEREUM CLASSIC exchange ~75 mins after ruling hardly affected and up a bit even: Poloniex Exchange:
Up about 7% here!!!
I feel so alive today!
lol
Seems like the price is holding up so far...
Experienced people like you will have no issues, and in fact........ it is like Christmas morning for many people looking to buy in a dip and exploit the market.
Updating all the charts and numbers now in the comments sections, you will be really happy (:
Yes:
I found that Steem is much better blockchain and currency then any other out there.
About US's denial of Bitcoin etf, I don't think it will affect "smart money" much.
Steem's blockchain and embedded concepts and working models, I have always felt are undervalued.
TY for commenting!!!! Nice to hear from you sir.