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The U.S. Securities and Exchange Commission today rejected an exchange-traded fund based on bitcoin.
The SEC refused to grant an exemption that would have let the Winklevoss Bitcoin Trust trade on the Bats BZX Exchange.
In its statement, the SEC stated, "As discussed further below, the Commission is disapproving this proposed rule change because it does not find the proposal to be consistent with Section 6(b)(5) of the Exchange Act, which requires, among other things, that the rules of a national securities exchange be designed to prevent fraudulent and manipulative acts and practices and to protect investors and the public interest."
Bitcoin enthusiasts, 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. CBOE Holdings Inc's Bats exchange had applied to list the ETF.
