SEC rejects bitcoin ETF application from Winklevoss twins

"We remain optimistic and committed to bringing COIN to market, and look forward to continuing to work with the SEC staff", Tyler Winklevoss told the Wall Street Journal. The application meant to list the asset on the Bats exchange, which is owned by CBOE Holdings Inc. It last traded down 7.8 percent to US$1098.

While many investors had plunged headlong into the currency, expecting the SEC to greenlight the ETF, others had expressed doubts about how much control the Winklevoss brothers would have had over the value of the assets. The fund is expected to simplify the process of investing in bitcoin without having to own the virtual currency.

Tori Spelling announces birth of her fifth child, a baby boy
The couple confirmed the joyful news about the baby boy, named Beau Dean , on Thursday in a statement to People magazine . Beau Dean joins four siblings, Finn , four, Hattie , five, Stella , eight and nine-year-old Liam .

Yet it presents a new set of risks to investors given its limited adoption, a number of massive security breaches affecting bitcoin owners, and the lack of consistent treatment of the assets by governments.

"The Commission notes that bitcoin is still in the relatively early stages of its development and that, over time, regulated bitcoin-related markets of significant size may develop", the document reads. They've stated that the unregulated nature of the Bitcoin market posed an immediate threat to its trading.

IISc listed among world's best small universities
The ranking found that students from small universities preferred a more close-knit learning environment. Around 3,400 students study in IISc., which has a full-fledged postgraduate and Ph.D. programme.

As it is a digital currency traded online, there are no exchange holidays in the bitcoin market. For the founders of the ETF, The Winklevoss Twins, the denial brings about the close of an nearly four-year attempt at a digital currency ETF.

Three bitcoin groups - including one run by Cameron and Tyler Winklevoss, the Harvard-educated Olympic rowers best known for accusing Facebook founder Mark Zuckerberg ofstealing their idea - haveasked for regulatory approval. The former Olympic rowers ultimately settled their legal dispute, which was dramatised in the 2010 film The Social Network. While prices had broken $1,300 this week in anticipation of approval, they fell steeply on Friday. Because of the way they're created, bitcoins are available on a limited basis, which, based on increased demand, would help increase the price. Solutions to the puzzle come roughly every 10 minutes. Meanwhile the major bitcoin markets, the SEC notes, are now located outside of USA jurisdiction. In fact, the price of bitcoin crashed more than 20% after the news was announced.

Google Pixel 2 Smartphone Confirmed By SVP Of Hardware
It is also not surprising that Google is releasing this monthly security patches as it is always been doing for nearly a year now. As far as the launch date is confirmed, the Google hardware head told AndroidPit , "There is an annual rhythm in the industry".

Hannah Randall, a spokeswoman for Bats, said the exchange is reviewing the ruling and declined to comment further. Essentially the underlying markets that now exist for trading bitcoin aren't regulated enough to responsibly support an ETF that would rely on those markets for liquidity.

(Copyright © 2015. All Rights Reserved.)
 
Recommended

Moama drowning: Body of five-year-old boy found in the Murray
Deniliquin commander Superintendent Paul Condon was unable to confirm what role the dog played in the night's events. She then allegedly attempted to drown the younger son, who was last seen drifting face-down in the water.

Two dead after flat stormed by police in Wolverhampton
The attack has been referred to the Independent Police Complaints Commission (IPCC) over prior contact the force had with the man. Residents were ordered out of the flats by police, the Wolverhampton Express and Star reported.

Keselowski Gives Ford Its Second Win Of The NASCAR Season At Atlanta
After Keselowski pitted, other drivers inside their fuel windows for the second stage opted to go ahead and make scheduled stops. Kenseth secured a third-place finish on Sunday while Hamlin and Daniel Suarez finished outside of the top 20.

19 female foetuses found dumped in Maharashtra's Sangli district
Senior police officials in Sangli district said the remains were "buried with the intention of disposing them". Dattatray Shinde, superintendent of police, said: "It appears to be an abortion racket".

WikiLeaks Releases Alleged CIA Hacking Secrets
It was not immediately clear how WikiLeaks obtained the information, which included more than 8,700 documents and files. The trove was circulated among USA government contractors, WikiLeaks said, one of whom provided it to the organization.

Georginio Wijnaldum: This is why Liverpool beat Burnley
Failure to capitalise on this situation leaves the door not only ajar, but wide open for Manchester United and Arsenal . The Dutchman has chipped in with vital goals and his late strike against Arsenal was a testament to that.

Hundreds of Dakota Access Pipeline Protesters Gather Outside White House
The company is in the process of completing the leg of the project that's around 100 feet below Lake Oahe. Opposition to the proposed Dakota Access Pipeline (DAPL) has been ongoing for almost a year.

Pakistan cricket great Imran Khan calls PSL foreigners 'phateechar'
In a video which has gone viral, PTI chief can be seen ridiculing the presence of foreign players in the recently held PSL final. Earlier, Imran had also spoken out against the PCB and government's decision to hold the PSL final in Lahore at Gaddafi stadium.

Arsenal 5-0 Lincoln City: Gunners far too good for Imps
Meanwhile the draw for the FA Cup semi-finals will take place on Monday after the Chelsea v Manchester United match at Stamford Bridge.

China to increase 2017 military spending by 7 percent
The announcement comes amid USA plans to boost military and security spending by 10 percent. Chinese Premier Li Keqiang will announce China's economic growth target on Sunday.

Lego building set honoring 'women of NASA'
Lego Ideas spokeswoman Lise Dydensborg announced the result Tuesday in a video message accompanied by a drum roll. Five storied female NASA pioneers will soon grace toy-store shelves, in Lego form.

NASA Bill Stresses Mars Missions, Leaves Earth Science Intact
But despite its backing some representatives have raised an eyebrow at the bill's exclusion of earth science programs. If President Donald Trump signs the bill , NASA's budget for the next year will increase to $19.5 billion.

New US women's basketball coach not tinkering with winning formula
In addition, she was awarded 2015 USA Basketball co-coach of the year and was inducted into the basketball Hall of Fame in 2013. The members of Staley's current SC team attended Friday's announcement wearing black T-shirts that read "2020 Vision".

Backed Syrian force ruled out Turkey role in Raqqa-spokesman
Turkey views the YPG as an extension of the Kurdistan Workers Party (PKK), which is waging an insurgency in Turkey. In line with Turkish wishes, the PYD has been consistently left out of United Nations -led peace talks on Syria .

LG's speech reads like AAP poll campaign: BJP
Appealing to people to vote for AAP in large numbers, he said, "We do not have money to contest election. In Uttar Pradesh, it is Rs 2,600 for 400 units and people in Mumbai need to pay Rs 4,000 for the same.


More News

News
More News