The US Securities and Exchange Commission (SEC) has returned to say no to Bitcoin
The SEC rejected a fund proposed by the Winklevoss twins, postponed the decision on VanEck and the ETF proposed by Solid X. A traded fund or ETF (“Exchange-Traded Fund”) is a fund that is traded on a stock exchange . They function as investment funds that allow everyone to access an index or commodity that provides investors with the same benefits as major markets.
We understand the reason for so much expectation, if the SEC approved Bitcoin’s entry in any way to the traditional Stock Exchange; Bitcoin could enter a market regulated by traditional schedules and laws. This fact would be attractive for banks, customers and their values. Which in turn would also support the price of the main cryptocurrency.
But a big drop in prices over the last year has significantly reduced optimism about whether institutional participation will come in the short term, since volatile price fluctuations are likely to keep large financial firms away.
Bill Barhydt, CEO of, ABRA (Bitcoin Payments Company) said that “this is because, so far, the applicants do not fit the archetype to which the SEC is accustomed.”
“I think the problem with the SEC, frankly, is that the people who are making the applications do not fit into the mold of who the SEC is accustomed to approving,” Barhydt told CNSC “Squawk Box Europe” on Tuesday.
Beyond these valuations, what we can deduce from each rejection by the financial institution, is that they will not accept cryptocurrencies in the traditional market until more stability and less volatility is demonstrated.
The next attempt will be on September 30. The commission will decide whether or not to approve the Vancock SolidX Bitcoin Trust ETF.
Writer by birth, curious by profession … I learn a little more every day from the cryptocurrency.