SEC commissioner Hester M. Peirce published her dissent statement on SEC website concerning the disapproval of Winklevoss Bitcoin ETF.
According to her statement, Pierce sees no reason why SEC should disapprove a proposed rule change, as amended, to list and trade shares of the Winklevoss Bitcoin Trust on Bats BZX Exchange, Inc. She said ''I believe that the proposed rule change satisfies the statutory standard and that we should permit BZX to list and trade this bitcoin-based exchange-traded product (“ETP”). Accordingly, I would set aside the action the staff took by delegated authority in this matter and approve the proposed rule change.''
She also added ''In addition, I am concerned that the Commission’s approach undermines investor protection by precluding greater institutionalization of the bitcoin market. More institutional participation would ameliorate many of the Commission’s concerns with the bitcoin market that underlie its disapproval order. More generally, the Commission’s interpretation and application of the statutory standard sends a strong signal that innovation is unwelcome in our markets, a signal that may have effects far beyond the fate of bitcoin ETPs. ''
The Winklevoss Bitcoin EFT which was denied a year ago has no connection with Van Eck SolidX CBOE ETF which the SEC will still rule on next month. Van Eck SolidX CBOE ETF proposal addresses the Winklevoss's shortfalls by addressing the manipulation/security concerns of SEC and also introducing insurance against theft and loss of bitcoin.
Trade Alert: The general market sentiment is that bitcoin price will skyrocket on approval of Van Eck SolidX CBOE ETF next month. And vice-versa if it's disapproved. Happy Trading
*This is for educational purposes only and not in any way an investment advice. Do your own research before investing in any cryptocurrency.
Image via SEC
If you enjoy this news article please Upvote and Resteem.
Congratulations @altcoindesk! You have completed the following achievement on Steemit and have been rewarded with new badge(s) :
Click on the badge to view your Board of Honor.
If you no longer want to receive notifications, reply to this comment with the word
STOP