Bats Exchange to Formally Object SEC Rejection of Winklevoss Bitcoin ETF

The Bats Exchange has objected to the Securities and Exchange Commission’s (SEC) rejection of the first bitcoin exchange-traded fund (ETF), which would have seen the exchange list it to track the price of bitcoin.

On March 10, the SEC rejected the Winklevoss bitcoin ETF because the online exchanges that the digital currency trades on are not regulated and are vulnerable to fraud. Even though the Winklevoss twins are reported as being hopeful that the commission will come around to working with them on bringing an ETF to market, many may have thought the case was closed.

However, according to a letter posted on the SEC’s website, the Bats BZX Exchange, operated by CBOE Holdings Inc., plans on appealing the SEC’s decision to turn down the ETF.

The letter, which was received on 20 March, states:

Bats BZX Exchange, Inc. submits this letter, pursuant to Rule 430(b)(1) of the Securities and Exchange Commission’s Rules of Practice, as written notice of Bats’ intent to petitions for review of the Order Disapproving a Proposed Rule Change, as

Read more ... source: CryptoCoinsNews

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