# kaal:claim:3002908-012

**Claim.** The SEC rejected the Winklevoss Bitcoin ETF application on the ground that the unregulated nature of Bitcoin made the proposed fund susceptible to fraud.

**Type.** empirical  **Support.** evidenced

**Holds when.**

- SEC Release No. 34-80206, March 10, 2017

**Source quote.**

> 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, page 16

**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

**Verify.** sha256 of source PDF `06a7b61e75f905ee07e422e875d83a65c5033a248a6e05a213523b034e5db534` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20and%20Dell%27Erba%20-%202017%20-%20Blockchain%20Innovation%20in%20Private%20Investment%20Funds%20-%20A%20Comparative%20Analysis%20of%20the%20United%20States%20and.pdf

**Topics.** securities-law, tokenomics, economics

**Keywords.** sec, bitcoin-etf, fraud, market-manipulation

**Related claims.**

- extended_by: https://wulfkaal.github.io/claims/3411110-028
- restates: https://wulfkaal.github.io/claims/2998033-012

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