Gotta feel for the Winkles a little bit. I know they are privileged cocks - but they believe in BTC just the same as the rest of us.
it must be a real pisser to have all that effort thrown away at the last minute, especially when the sec could've saved it all for them years before. i wonder what other options they're looking at. i hope they keep pushing gemini at least.
Can't their ETF be approved later down the line?
technically ya.
but that would be a "completely different application"
i'm guessing years from now MAYBE the SEC could be persuaded to reconsider.
The pdf with the rejection decision in says if Bitcoin gets a shitload more money thrown at it in the future the SEC might consider changing its mind. I'm sure if Bitcoin's value increases 100x the SEC will fast track another ETF.
https://www.sec.gov/rules/sro/batsbzx/2017/34-80206.pdfThe Commission notes that bitcoin is still in the relatively early stages of its development and that, over time, regulated bitcoin-related markets of significant size may develop. Should such markets develop, the Commission could consider whether a bitcoin ETP would, based on the facts and circumstances then presented, be consistent with the requirements of the Exchange Act.
they want 90% of bitcoin trading on highly regulated markets before they consider letting it trade on their highly regulated markets.
if bitcoin goes up 100X and is still mostly traded OTC there reasoning still applies
Had gemini had a significant % of trading vol, it might of passed.
imo this is kinda silly because the majority of trading is done on exchanges that are similar to gemini for regulatory compliance.
expect maybe the chinese exchanges, but clearly thats getting an overhaul, and these market will now be HIGHLY scrutinized by regulators
i mean point me a place where a relevant amount of BTC vol is being traded with no oversight....
feels like SEC read Jorge's paper and based there view of the bitcoin ecosystem purely on that.
