BROWSE BY TOPIC
Stories of Interest
- White House Now Doesn’t Dispute Details of Trump's Call with Army Widow
- Goldman Sachs’ Lloyd Blankfein Just Threw Some Serious Brexit Shade
- Guggenheim Partners ‘Bank Wrecker’ Could Get $100Mn Exit Package
- Proposed Arbitration Rule Change: For Customers Dealing with an Inactive Firm or Associated Person
- This Family Bet It All on Bitcoin
- Clearinghouses Pass CFTC Liquidity Stress Tests
- President Trump Admits He’s Trying to Kill Obamacare. That’s Illegal.
- Trump Plunges Down List of ‘America’s Richest’
- Is Trump’s “Foreclosure King” in Over His Head?
- FBI Arrests NCAA Basketball Coaches and Adidas Rep in Bribery Probe Involving Recruitment
- Equifax CEO Steps Down Amid Hacking Scandal
- Litigation Costs to Rub Salt in RBS Investor Wounds
- RIAs Poised to Land Wirehouse Recruits - Dan Jamieson
- Citibank and U.K. Affiliate to Pay $550K Penalty for Swap Data Reporting Violations - CFTC
- AIG to Restructure into 3 New Units, Marking CEO's First Big Move
- Accounting Firm Deloitte Says It Suffered Cyberattack (subsc reqd)
- Upcoming FINRA Board Meeting and FINRA360 Update
- Elizabeth Warren Lifts Hold on Trump DOJ Antitrust Nominee
- Bigger Mergers Narrow Indy Reps' Options, Alter IBD Channel - Dan Jamieson
- Dentons to Merge with U.K.'s Murray & Spens
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.