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An inability to adequately monitor a bitcoin exchange-traded fund run by Tyler and Cameron Winklevoss resulted in the U.S. Securities and Exchange Commission rejecting a listing request late Thursday.
CBOE Global Markets Inc., which would have listed the ETF, failed to show that the underlying Bitcoin market was "resistant to manipulation."
Trading and data volume concerns were also mentioned in the SEC statement.
The Cboe "has neither entered into surveillance-sharing agreements with regulated, Bitcoin-related markets of significant size nor demonstrated that alternative means of compliance" with exchange rules that would be sufficient, the SEC wrote in it filing. Because Cboe “failed to carry its burden, the proposed rule change must be disapproved,” the agency added.
The price of bitcoin appeared to see little negative effect from the news as it inched above $7800 on Thursday.
- Aaron Goldstein, Gambling911.com
