Within hours that the SEC announced that it has rejected a proposed bitcoin ETF submitted by the Winklevoss Twins, the bitcoin price dipped below the $8,000 mark and is now currently teetering back and forth across that psychologically-significant level. CCN reported on the breaking ETF announcement earlier today.
About the ETF
The announcement comes after the SEC reviewed the application a second time, following an appeal from Gemini co-founders Cameron and Tyler Winklevoss. The SEC also opened up a fresh round of public comment for this second review. The initial application was rejected on March 10, 2017.
The Winklevoss’ modified parts of the application the SEC highlighted as problematic during the first review. The SEC performed a complete “de novo” review with the revised application, meaning the regulators treated it like a brand new application.
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