Note from the Publisher: We have character limitations on our headlines, so we have to keep them short or they do funky things to our website. If not for that, the headline of this story would have actually read “SEC’s RIDICULOUS Bitcoin ETF Ruling”.
We just wrote another article about how regulators are already behind the eight ball on regulating all the various components of fintech, and staying out of the way of innovation. So here’s how the SEC has decided to deal with the Winklevoss’ twins new bitcoin-based ETF. Let’s delay approval and seek public feedback. I will refrain from swearing here, which I desperately want to do, but ARE YOU @#$%ING KIDDING ME? This is exactly what is going to kill American innovation in fintech and simply drive it overseas. And btw, another ETF has already incorporated bitcoin into it and is already publicly trading, just as one component, so we profess we are befuddled as to the possible reasoning behind the SEC’s move on this. We are utterly underwhelmed by this governmental NON-ACTION, to say the least.
“The Securities and Exchange Commission late Wednesday declined to make a ruling on a bid to launch what would be the first exchange-traded fund that exclusively tracks the digital currency bitcoin. The regulator said it was instead seeking additional public feedback on the proposal.
The decision is the latest delay for Tyler and Cameron Winklevoss, whose proposed ETF is designed to trade baskets of shares tied to the digital commodity. The twin brothers have been among the most public advocates for a bitcoin ETF, having first announced plans for one in 2013. The pair also run both WinkDex, a bitcoin price index, and Gemini, a bitcoin custodian and exchange.
A spokesperson for Winklevoss Capital declined to comment.”