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Winklevoss-Backed Bid for Bitcoin-ETF Rejected by Regulators

  • Cryptocurrency declines after SEC announces its decision
  • Agency raises concern about oversight of Bitcoin’s spot market
Cameron Winklevoss, left, and Tyler Winklevoss.

Cameron Winklevoss, left, and Tyler Winklevoss.

Photographer: David Paul Morris/Bloomberg

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Bitcoin fell after the U.S. Securities and Exchange Commission rejected a request to list an exchange-traded fund run by Tyler and Cameron Winklevoss, showing the regulator remains skeptical that the market for the cryptocurrency is sufficiently free of abuse to bring trading to the masses.

The SEC said Thursday it isn’t convinced that trading of the world’s largest virtual token has adequate surveillance and that Cboe Global Markets Inc., which would have listed the Bitcoin ETF, failed to show that the underlying market was "resistant to manipulation." The ETF’s value would have been tied to trading on the Winklevoss twins’ Gemini exchange.