Winklevoss on SEC rejection: 'Wall Street is taking cryptocurrencies seriously'

14 Aug, 2018
by Jelmer van der Dussen
Winklevoss on SEC rejection: 'Wall Street is taking cryptocurrencies seriously'

The SEC rejection for a Bitcoin-based exchange-traded fund proposed by the Winklevoss brothers is being seen as one of the reasons for the current drop in the cryptocurrency market. The Winklevoss twins don't worry about what this means for crypto on the long term.

Tyler Winklevoss, who owns the Gemini exchange together with his brother Cameron, says to Bloomberg in a response to the SEC decision that they will keep growing their business, despite Wall Street not jumping in yet.

Tyler said: "Wall Street is taking cryptocurrencies seriously, however, the vast majority of Wall Street firms are still not participating in the cryptocurrency market, which remains primarily a retail driven market. This will change over time, but it will take time."

The SEC rejected the Bitcoin ETF of the Winklevoss brothers for the second time in July. One of the SEC members, Hester Peirce, dissented from that decision. Last week, the SEC delayed the decision on the Bitcoin ETF proposal by the VanEck SolidX Bitcoin Trust. The new date for the decision is September 30th.

It is expected that more institutional investors will step into the crypto space once the SEC has clarified its position on cryptocurrencies. An ETF approval would be a positive sign from the SEC. In the meantime, Winklevoss is focusing on adding more cryptocurrencies to the Gemini exchange, Tyler said. Gemini currently offers Bitcoin, Ethereum and Zcash trading pairs.

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Read more about: Bitcoin (BTC)


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