SEC signed off on the Bitcoin ETF bid by Winklevoss

The dream of launching a bitcoin ETF by Cameron and Taylor Winklevoss received another blow on Thursday when rejected by the U.S securities and exchange commission. This shows the regulator is still skeptical about the sufficiency of abuse free trading system of cryptocurrency that can do greater good for masses. It was on Thursday the SEC declared that they are not at all convinced about the trading of the world's largest virtual coin, they still feel that enough surveillance is yet to be done and the Cboe global Markets Inc could not show that this token is free from manipulations and is not tied to trading on the Winklevoss twins' company.

It was for the second time in 18 months this happened. The SEC is concerned about the authenticity of trading in regards to Bitcoins. A filing posted on the regulator's website noted that the staffs of this agency questioned Bitcoin's police trading sufficiency. The speculations regarding Bitcoins were on rising which lead SEC to sign off on the ETF. For Bitcoin enthusiasts, an ETF could have opened up the mutual fund markets. There is also a chance of opening up markets of other institutional investors who are strictly prohibited from trading the token.

The value of Bitcoin fell by almost 3.6 percent after the very announcement by SEC. according to the records it is clear that a major part of Bitcoin trading takes place on unregulated overseas venues that are comparatively new and trade only virtual assets. The SEC declared while filing that regulated Bitcoin markets are yet to develop and are in an amateur stage. Cboe President and Chief Operating officer are of the opinion that market stability and security were something that were given the most emphasis by SEC.

Cboe remarked that on the basis of the estimation which clearly states that U.S investors are already accessing these unregistered financial products, BItcoins are quite popular among masses thus investors must be served by products traded on regulated security laws and market. He is a statement clearly specified Cboe wants to work in collaboration with SEC and would wait for an approval for crypto ETF.

Prior to 18 months when SEC first rejected a proposal from Cboe to list an ETF in March 2017, similar concerns were raised by the regulator which included exchanges will fail to conduct enough oversight. Many traders thought that Cboe and CME Group Inc. would come up with something that can reduce regulator’s concerns but they could not.