The SEC rejected the Winklevoss Bitcoin ETF application on the ground that the unregulated nature of Bitcoin made the proposed fund susceptible to fraud.
Source quote, verbatim
In rejecting the application, the SEC reasoned that, because of the unregulated nature of Bitcoin, the proposed fund was susceptible to fraud.
From
Wulf A. Kaal, Marco Dell'Erba, Blockchain Innovation in Private Investment Funds - A Comparative Analysis of the United States and (2017), III.2. United States, p. 16 https://ssrn.com/abstract=3002908 · source PDF
Cite as
Wulf A. Kaal, Marco Dell'Erba, Blockchain Innovation in Private Investment Funds - A Comparative Analysis of the United States and (2017). SSRN: https://ssrn.com/abstract=3002908
extended_bykaal:claim:3411110-028 The SEC's rejection of the Winklevoss Bitcoin ETF, reasoned on Bitcoin's unregulated nature and susceptibility...
restateskaal:claim:2998033-012 The SEC's denial of the Winklevoss Bitcoin exchange traded fund on grounds of susceptibility to fraud reflects...
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