Bitcoin plummets 18% as SEC rejects Winklevoss plan

The Winklevoss Bitcoin Trust ETF, backed by twin entrepreneurs Cameron and Tyler Winklevoss (yes, the Facebook twins), was rejected by the commission after it found the proposed fund was susceptible to fraud due to the digital currency's unregulated nature.

Despite the rejection, the Winklevoss twins say they'll keep on keeping on. "We agree with the SEC that regulation and oversight are important to the health of any marketplace and the safety of all investors", said Tyler Winklevoss, one of the owners of Winklevoss Capital, who is also the chief financial officer of Digital Asset Services. Read exclusive stories and tutorials, learn our own tricks.

The Commission takes issue with the unregulated markets for bitcoin.

But the SEC dashed those hopes on Friday with one decision.

While there are two more bitcoin ETF applications still in a review period, the outlook isn't good.

Introduced to the public in 2009, bitcoin is a cryptocurrency created to cut out banks, credit card companies and other financial third parties as a means for buying goods and services. "The fact that they're not getting this approval is a big blow for this particular product".

Due to the ruling the market value of bitcoin plummeted nearly immediately more than 15%. Bitcoin advocates have lauded the decentralization - meaning no one agency has control over it - claiming that the digital money isa great alternative for anyone tired of a central banking system.

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Weisenthal noted that GLD, the first gold ETF, faced struggles.

An ETF provides a way for people to buy an asset or a group of assets as if it were a single stock.

It looks like the government isn't a huge fan of bitcoin as an investment vehicle. On the other hand, language in the decision suggests the SEC remains deeply skeptical of bitcoin. "How do we develop well-capitalized and regulated markets in the USA and Europe if financial innovators aren't allowed to bring products to market that grow domestic demand for digital currencies like Bitcoin?"

Representatives of the SolidX Bitcoin Trust, which filed in July to list shares on the NYSE, could not be reached for comment.

While bitcoin users have nothing tangible to show, the currency works similarly to USA dollars or euros. For individual investors, tracking the complex world of digital currencies might be too much to ask-the risk factors listed in the prospectus include attacks by malicious actors and botnets that could corrupt the bitcoin code, among other things.

SolidX Partners, a United States technology company that provides blockchain services, also filed its ETF application previous year. For a bitcoin though, we think this is going to be immaterial for the future and we continue to see the price of bitcoin rising over $2000 and eventually toward the $5000 mark within a couple of years. On Saturday, prices continued its recovery to $1144 levels.

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