A bid to list a bitcoin-tied exchange-traded fund has (ETF) has been rejected by the US Securities and Exchange Commission. The risk of fraud and a lack of regulation among the world’s bitcoin markets was cited as the reason for the decision.
With the rejection, the bitcoin investors’ Cameron and Tyler Winklevoss’ three-year quest to have the bitcoin-tied product listed comes to an end. The Winkelvosses first sought approval for their product back in 2013 and the scope of the offering has been expanded from the initial 20m USD to 100m USD.
The commission, however, didn’t rule out exchange products tied to cryptocurrencies in the future.