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SEC Again Says No To Winklevoss Twins' Bitcoin ETF

Law360 (July 26, 2018, 10:54 PM EDT) -- The U.S. Securities and Exchange Commission has again denied an application for the Winklevoss brothers to launch the first bitcoin-based exchange-traded fund, citing concerns about the lack of oversight in the underlying bitcoin market.

In a 92-page order published Thursday, the SEC said that it disapproved the proposal filed by the Bats BZX Exchange Inc. to list and trade shares of the Winklevoss Bitcoin Trust, created by entrepreneurs Tyler and Cameron Winklevoss to track the price of bitcoin on their Gemini Exchange platform.

The agency said the exchange, which is now known as the Cboe BZX Exchange Inc., hadn’t met its...

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