The SEC wrote:
"The Commission believes that, in order to meet this standard, an exchange that lists and trades shares of commodity-trust exchange-traded products ("ETPs") must,
in addition to other applicable requirements, satisfy two requirements that are dispositive in this matter.
First, the exchange must have surveillance-sharing agreements with significant markets for trading the underlying commodity or derivatives on that commodity.
And second, those markets must be regulated."
So unless we can somehow regulate bitcoin (haha, fat chance) there is no way that SEC will approve any ETF based on any form of decentralized cryptocurrency.
I don't want to speculate that we will NEVER see any ETF appeted, but it is hard to imagine in the foreseeable future.
Topic: SHOCKER: SEC denies SolidX Bitocin ETF Proposal - page 2. (Read 949 times)
They denied the ETF because it had no insurance for their clients. SolidX hasn't done anything to fix this, so they got denied as well.
Not much of a shocker, really. This is not a final ruling, they can appeal or adjust and file again.
Not much of a shocker, really. This is not a final ruling, they can appeal or adjust and file again.
Ah, obviously not a surprise here. If the Winklevii get denied there's no reason for SolidX to get approved...it was all based on bias toward the bitcoin market, rather than actual concern for the investment product or firm.
News came out about an hour ago: http://www.coindesk.com/sec-denies-solidx-bitcoin-etf-proposal/
I believe the SEC's response/explanation was a bit more specific this time around. They explicitly say "the market must be regulated." That's more bold than the first ETF denial, yeah? And pretty much guarantees that Wall Street investors will never have an alley way to Bitcoin from Wall Street.
Other thoughts?
News came out about an hour ago: http://www.coindesk.com/sec-denies-solidx-bitcoin-etf-proposal/
I believe the SEC's response/explanation was a bit more specific this time around. They explicitly say "the market must be regulated." That's more bold than the first ETF denial, yeah? And pretty much guarantees that Wall Street investors will never have an alley way to Bitcoin from Wall Street.
Other thoughts?
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