The rejection of the bitcoin ETF sends the price of bitcoin below $8,000

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Bitria “news” refusal of the bitcoin ETF sends the price of bitcoin below $8,000

The Commission on securities and exchange Commission (SEC) rejected the request of the brothers Winklevoss to create a bitcoin ETF, which resulted in a depreciation of bitcoin below $8,000.

This was the second request from the brothers, the original was rejected in March 2017.

Changes Winklevoss in the application, the SEC highlighted as problematic during the first review. The SEC conducted a full review “de novo” with the revised application, which means that regulators saw it as an entirely new application.

Stock ETF with the Ticker BXZ was one of the first who filed with the SEC in 2017. When deciding on the adoption of the new ETFs, or alternative investments should be SEC section 6(b)(5).

The SEC considered BXZ ETF in the ability to prevent fraud and manipulation, as well as the protection of investors.

In may, the SEC conducted an investigation concerning whether there was price manipulation of BTC.

The opinion of the SEC was the fact that bitcoin does not provide security against manipulation as a class of assets and technology provide protection from illegal actions.

“Geographically diverse and ongoing nature of trading bitcoins is difficult and not subject to costly price manipulation bitcoin, so the bitcoin market as a whole less susceptible to manipulation than the equity markets, fixed income and commodity futures,” said brothers.

But the opinion of the SEC remained the same, considering that the regulation of the market of BTC is still in an early stage and they’re watching the markets of production of bitcoin is to monitor their popularity.

The report said that the SEC is open for future applications which have insufficient changes to support the agreement.

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