BROWSE BY TOPIC
Stories of Interest
- Address at ICI's 2017 Securities Law Developments Conference - SEC Commissioner Stein
- New York Pension Fund Seeks More Pay Disclosure from Wells Fargo
- Wells Fargo Sanctions Are on Ice Under Trump Official
- Josh Brown: Here's How to Buy Bitcoin, But Realize It Could Be One Giant Bubble
- Trump's New Tax Plan Could Cost Citigroup $20 Billion
- Morgan Stanley Fires Former Congressman Harold Ford Jr.
- Al Franken Will Resign Over Sexual Misconduct Allegations - His Full Resignation Speech
- Ex-NFL Player Gets 40 Years for Running $10Mn Fraud
- Bitcoin Blows Past $15K, Adding $2K in Under 12 Hours
- Financial Adviser Settles Charges for Defrauding Private Equity Fund Investors
- New Cross Market Equity Supervision Report Cards - FINRA Phone-In Workshop, WebEx Presentation
- Mueller Just Crossed Trump's Red Line, With Deutsche Bank Subpoena
- Wildfire Rages Near Los Angeles
- Former Company Insider Has $4.1Mn Payday as a Whistleblower
- Audit Firm, Anton & Chia, Conducted Fraudulent Audits of Penny Stock Companies - SEC
- Mueller Subpoenas Deutsche Bank Records on Trump and Family
- Bitcoin Nearly Halfway to $400Bn Value Predicted by Winklevoss Twins 4 Years Ago
- Fidelity Clients Suffer Second Website Glitch in Week
- CBOE Beats CME to Bitcoin Futures Launch with December 10 Start
- McKinsey Senior Exec Thomas Barkin Named New Head of Federal Reserve Bank of Richmond
We seek to provide information, insights and direction that may enable the Financial Community to effectively and efficiently operate in a regulatory risk-free environment by curating content from all over the web.
Stay Informed with the latest fanancialish news.
NEWSLETTERS & ALERTS
Wall Street News
Bitcoin Crashes After SEC Rejects Winklevoss ETF Application
[Photo: Cameron & Tyler Winkelvoss / cryptocoinsnews.com]
In yet another defeat for digital currency, the SEC has denied an application for an exchange-traded fund that would track the bitcoin. The
the Winklevoss Bitcoin Trust would have traded on the Bats BZX Exchange if it had been approved.
In many ways, the application was simply promoting the wrong product at the wrong time. The SEC has expressed concern about the some ETFs and similar products - their growing complexity and volatility.
Following the announcement, the digital currency fell as much as 18% against the dollar to $978.76 per bitcoin - the lowest intraday price in a month. Earlier this month, bitcoin trading approached $1,300.
In the meatime, there are 2 other applications for bitcoin ETFs awaiting SEC review – one from Grayscale Investments, the other from SolidX Management.
No matter how you slice it, today's decision is a difficult rejection for the Winklevoss twins and the bitcoin, but perhaps it's just a temporary pause in their road to market acceptance.