State Street Bitcoin ETF

Note from the Publisher:  Ohmyhgosh, the saga of the Winklevoss brothers and their latest bitcoin ETF endeavor just never ends.  Seems like it should be the basis of a new streaming soap opera.  So LAST WEEK, the SEC declined to approve their new bitcoin ETF and elected to seek more PUBLIC INPUT before approving.  We used some symbols in place of swear words when we reported that as we thought it was #%*&%#ing ridiculous (there we go again).  Now, to counteract this problem, the Winklevoss brothers have turned to financial behemoth State Street to act as the transfer agent, according to a new filing made on 10/18. 

So, maybe affiliating with a massive financial entity will help finally move this thing along.  We’re gonna say it one more time.  We believe that the regulatory chaos created by US bureacracies around the emergence of cryptocurrencies and affiliated financial instruments such as this ETF , if not kept in check and approached intelligently, is going to ultimately drive these firms offshore where they can get things done, and that would be a shame.  And we’ll end our rant there.

“Entrepreneurs Cameron and Tyler Winklevoss chose State Street Corp. to help them launch a new exchange-traded fund based on the virtual currency bitcoin, according to a regulatory filing Tuesday.

The twin brothers are hoping the Securities and Exchange Commission approves their new fund, the Winklevoss Bitcoin Trust, after a process that has already gone on for more than three years. In its latest filing, a seventh amendment to its original filing, the brothers said State Street, based in Boston, would serve as transfer agent, while San Francisco-based Burr Pilger Mayer will act as auditor.

The transfer agent acts as a fund’s administrator, responsible for recording ownership changes, calculating the daily net asset value, and maintaining records.

Read Full Article at WSJ.com (may require subscription)