Bitcoin and other cryptocurrencies suffered after the U.S. Securities and Exchange Commission rejected a second attempt by crypto exchange Gemini, run by Tyler and Cameron Winklevoss, to list a bitcoin exchange-traded fund or ETF. Concerns about investor protection and market manipulation were the reasons for rejecting the proposal.
Bitcoin fell below $8000 to trade at $7,989.97, down 3.3 percent over a 24-hour trading, according to Coinmarketcap. Ethereum was trading at $465.25, down 3.50%. The SEC had rejected an application for the Winklevoss Bitcoin Trust in March last year. In June this year, the company resubmitted a proposed rule change.
In its filing, the SEC said it did not support that bitcoin and bitcoin markets, including the Gemini Exchange, are uniquely resistant to manipulation.
The SEC said, "Because adequate surveillance-sharing agreements are not in place—and any current surveillance-sharing agreements are with bitcoin-related markets that are either not significant, not regulated, or both — the Commission concludes that the proposal is inconsistent with Exchange Act."
The largest cryptocurrency's price, which has been fluctuating most of this year, climbed above $8,000 recently, on speculations that the SEC would sign off on an ETF.
The regulator is considering several other applications for crypto ETFs, including a recent filing by Crypto asset manager Bitwise.
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