# kaal:claim:3411110-028

**Claim.** The SEC's rejection of the Winklevoss Bitcoin ETF, reasoned on Bitcoin's unregulated nature and susceptibility to fraud, reflects agency distrust of the crypto asset class as a whole rather than a narrow product objection.

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

**Holds when.**

- SEC order disapproving the Winklevoss Bitcoin Trust listing

**Source quote.**

> The SEC's decision regarding the Bitcoin ETF reflects its distrust towards the crypto asset class as a whole, especially funds attempting to trade digital currencies.

**From.** Wulf A. Kaal, Samuel Evans, *Blockchain-Based Securities Offerings* (2019), V.1 SEC, page 23

**Cite as.** Wulf A. Kaal, Samuel Evans, Blockchain-Based Securities Offerings (2019). SSRN: https://ssrn.com/abstract=3411110

**Verify.** sha256 of source PDF `c7626eeb7642045b79f8745df1f7232a8fe8bc44a1f7e87b592850e35b392b50` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20and%20Evans%20-%202019%20-%20Blockchain-Based%20Securities%20Offerings.pdf

**Topics.** tokenomics, securities-law, risk-and-incentives

**Keywords.** bitcoin-etf, sec, winklevoss, crypto-assets, fraud-risk

**Related claims.**

- restates: https://wulfkaal.github.io/claims/2998033-012
- extends: https://wulfkaal.github.io/claims/3002908-012

**Canonical form.** This markdown file is the canonical hashed representation of the claim. Its sha256 is the content hash used for attestation.