SEC Seeks Additional Comment on Winklevoss Bitcoin ETF

NEWS
Michael del Castillo
Oct 13, 2016 at 12:33 UTC  |  Updated  Oct 13, 2016 at 15:07 UTC

The US Securities and Exchange Commission (SEC) is seeking additional public feedback as it weighs whether to approve a bid to launch a bitcoin exchange traded fund (ETF) by investors Tyler and Cameron Winklevoss.

The decision to open up the process to more comment comes after the SEC said it was delaying its final decision on a request to list the ETF on the BATS Global Exchange. The Winklevoss brothers originally sought to list the ETF on the Nasdaq exchange, a request that dates back to 2013.

For now, the SEC says it wants feedback on the stability of bitcoin, the manner in which the trust will value the holdings, and any potential conflicts of interest between the custodian and bitcoin exchange Gemini, which is owned by the Winklevoss brothers.

SEC deputy secretary Robert Erret wrote in document:

"The Commission requests that interested persons provide written submissions of their views, data, and arguments with respect to the issues identified above, as well as any other concerns they may have with the proposal."

Commentators have 21 days from the publication of the SEC document in the Federal Register to formally enter their submissions. Rebuttals can be filed 35 days from that time, the agency said.

Image via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Cameron WinklevossTyler WinklevossBitcoin ETF