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Bitcoin rises on SEC decision to review Winklevoss ETF case

The US Securities and Exchange Commission (SEC) has approved the petition for a review of Winklevoss Bitcoin ETF rejection. Crypto enthusiasts keep their fingers crossed.

The petition for review of the Disapproval Order was filed by Bats BZX Exchange on 24 March. The exchange claims that the disapproval of the Winklevoss fund by SEC was based on a “clearly erroneous” conclusion. According to Bats, the standard applied by SEC to the case is inconsistent with prior approval orders, while the manipulation concerns raised in the Order with regards to the bitcoin market are “overstated and largely theoretical.”

“As such, the Exchange believes that the Commission should set aside the Staff’s Order and approve the Proposal in order to ensure consistency with the Exchange Act and with prior ETP approvals as well as to provide investors access to bitcoin through a regulated and transparent investment vehicle,” the document reads.

According to the SEC statement, any party to the action or other person may file a written statement in support of or in opposition to the Disapproval Order on or before 15 May.

SEC rejected the application of Tyler and Cameron Winklevoss to register the first stock exchange investment fund tied to bitcoin rate. The decision was announced on 10 March. The principal reasons quoted for the rejection was that cryptocurrency markets are not regulated and exposed to fraudulent and manipulative practices and activities.

Bitcoin has slightly risen on the information of SEC reviewing the Disapproval Order. Within 12 hours, the price of the cryptocurrency added 1.6% rising from $1,250 to $1,275.

In the bitcoin community, some suggest that SEC might change its decision to positive due to the fact that currently the commission is headed by Walter Jay Clayton. Many bitcoin users believe his presidency may lead to the easing of cryptocurrency regulation in the United States.

Source: coinfox.info

  • April 29, 2017 10:00 AM MSK
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