Bitcoin ETF rejection by SEC isn’t the full stop for Winklevoss brothers, Gemini’s founders have got a plan for Bitcoin ETF approval.
Winklevoss Twins – All set with Plan
While in a heat of government shut down, CBOE is pulling off its long-awaited bitcoin ETF application, on the other hand, Gemini’s twin brothers have outlined the plan to get their Bitcoin ETF approval. Resources reported Mr. Winklevoss (quoting for twins), said;
“The quick answer is (by) answering their call and (requesting) … more market surveillance on the crypto marketplace. We’ve started to do that with the Virtual Commodity Association … and (by) bringing NASDAQ’s smartest technology to our marketplace. Those are the steps in the right direction to getting regulators comfortable with eventually approving an ETF-like product.”
The context is much similar to AXX’s latest move of employing the technology of the London Stock Exchange. As recently reported by Coingape, this technique enhances the interest of traditional investors towards crypto industry and makes the crypto trading platform quite more secure.
— CoinGape (@CoinGapeMedia) January 23, 2019
Winklevoss boldly stepping up in route to gain SEC’s approval, but for CBOE, it’s absolutely not. According to the sources, Chicago board operation, CBOE is withdrawing its proposal for VanEck-SolidX Bitcoin ETF following the repeated SEC delays and the government shutdown. Reportedly, Jan Van Eck, founder of VanEck told CNBC on Wednesday, the 23rd Jan 2019;
“We were trying to do that but we obviously can’t have meetings when they’re shut down,” “Instead of trying to slip through or something, we just had the application pulled.”
Nevertheless, the SEC’s rejection is obviously undesirable – as such, Gemini’s commissioner Hester M.Peirce said that;
“Contrary to the Commission’s determination, I believe that the proposed rule change satisfies the statutory standard and that we should permit BZX to list and trade this bitcoin-based exchange-traded product (“ETP”),”
But Winklevoss twins have a more positive view on SEC’s decision. They believe the rejection and delays are the results of Bitcoin being the new assets. Moreover, they think preserving investor’s interest is the essence of SEC’s work plethora.
“So if the commission is taking a very conservative viewpoint in this regard because it’s really going to be the first of many and open the floodgates, you know, we can live with that’, Winklevoss said
Furthermore, the twins are likely not in rush for SEC’s decision, however, they think the ETF is more than just a product and it’s really big.
“I don’t think it’s unreasonable for regulators to strive for that, it opens a big frontier and it’s got to be opened correctly.”
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Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum[at]coingape.com