Reaction to the SEC Ruling on Winklevoss ETF
The Securities and Exchange Commission waited until the US stock market close to issue its denial of the bid for the first domestic ETF. The Bitcoin community spent the day refreshing news feeds, mailboxes and Twitter as they awaited word of what was widely viewed as a game-changing decision.
Early in the day, Bitcoin soared to an all-time high, but just before the market closed, took a dip, perhaps foreshadowing what was to come. When the decision was out, web sites crashed, Twitter lit up, and prices plunged before settling around the $1100 mark.
Here are some immediate reactions to the SEC decision. Check back for more as they come in.
Tyler Winklevoss, CFO, Winklevoss Bitcoin Trust:
“We remain optimistic and committed to bringing COIN [the proposed ticker] to market, and look forward to continuing to work with the SEC staff. We began this journey almost four years ago, and are determined to see it through. We agree with the SEC that regulation and oversight are important to the health of any marketplace and the safety of all investors.”
Edward “Coach” Weinhaus, Chairman of the Coin Group and Publisher of BlockTribune.com:
“The SEC decision affected bitcoin’s price, not its value. It remains the simplest way to electronically and immediately transfer value without intermediaries between two people who will never meet.”
Brock Pierce, Managing Partner Blockchain Capital, via Twitter:
“Bitcoin ETF denied. I’m pleased with the results and just posted my view prior so it was on the record.”
Eric Balchunas, Bloomberg Intelligence ETF analyst, via Twitter:
“An entire month’s gains erased in 3 minutes for bitcoin…”
Christopher Burniske, ARK Investment Capital, via Twitter:
Holy volatility #bitcoin batman 
“Just as interesting as the disproval is how the #bitcoin market has reacted + #cryptoassets broadly. Most are shrugging it off, life goes on.”
Coin Center Executive Director Jerry Brito:
“The Winklevoss ETF proposal was rejected because the SEC found that the significant markets for Bitcoin tend to be unregulated overseas markets that are potentially subject to price manipulation. But this creates a chicken and egg problem. How do we develop well-capitalized and regulated markets in the U.S. and Europe if financial innovators aren’t allowed to bring products to market that grow domestic demand for digital currencies like Bitcoin?”
Spencer Bogart, Bitcoin & Blockchain research, Blockchain Capital, via Twitter:
“The compelling fundamental growth story remains. Bitcoin didn’t have an ETF for the first eight years, and it might not for the next eight years.” Later: “Price resilience a great sign for Bitcoin long-term. Neither PBOC nor SEC scared away demand. (Hint: compelling fundamental growth story).”
