SEC Denies Winklevoss Twins' Bitcoin ETF Application

By Carmen Germaine (March 10, 2017, 6:33 PM EST) -- The U.S. Securities and Exchange Commission on Friday denied an application for the Winklevoss brothers to create the first-ever exchange traded fund tracking the price of bitcoin, citing the lack of regulation in bitcoin markets.

The SEC denied an application to list and trade shares of the Winklevoss Bitcoin Trust, created by entrepreneurs Cameron and Tyler Winklevoss to track the price of bitcoin, on the Bats BZX Exchange. In an order disapproving the proposed rule change submitted by Bats BZX, the agency said it believed the significant markets for bitcoin are unregulated.

"Therefore, as the exchange has not entered into, and...

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