SEC Will Review Winklevoss ETF Decision

FinTech, Investing, News | April 25, 2017 By:

The Securities and Exchange Commission will review its decision to turn down an exchange-traded fund backed by the Winklevoss twins.

The SEC ruled on March 10 that the twins’ effort to create the first US-based ETF would not move forward. But Bats BZX Exchange, which would have listed the Winklevoss ETF (known as the Winklevoss Bitcoin Trust) said it would appeal the decision on March 24.

The SEC was not obligated to act on the appeal or reconsider its choice. The Commission gave any party to the action or other person until May 15 to file a written statement in support of or in opposition to the Disapproval Order.

Since the original March 10 disapproval, Japan has made bitcoin legal tender, and Russia and India are said to be reconsidering previous anti-cryptocurrency stances. Bitcoin prices previously hit an all-time high just prior to the March 10 decision, then briefly plummeted when the SEC turned down the ETF. Prices have since rebounded strongly and are near the all-time high once again.