US regulator stands by decision to block Winklevoss bitcoin ETF
Updated : July 27, 2018 11:30 AM IST
The US Securities and Exchange Commission on Thursday stood by a decision blocking an exchange-traded fund that would have tracked bitcoin, citing concerns about market manipulation.
The securities regulator found "unpersuasive" arguments that the bitcoin ETF proposed by Cameron and Tyler Winklevoss, the twin brothers who founded crypto exchange Gemini Trust Co LLC, would be sufficiently protected from manipulation, it said in a 92-page analysis posted on its website.
“Regulated bitcoin-related markets are in the early stages of their development,” the SEC said, saying that it “cannot...conclude that bitcoin markets are uniquely resistant to manipulation.”