Bitcoin ETF Reconsidered by SEC, Ethereum ETF Version May Be Approved

The Winklevoss Twins’ Bitcoin ETF is getting a second chance as the US SEC reconsiders the original decision to reject it.

14945 Total views
779 Total shares
Bitcoin ETF Reconsidered by SEC, Ethereum ETF Version May Be Approved

The US Securities and Exchange Commission (SEC) is set to reexamine its decision to refuse the Winklevoss Bitcoin ETF.

After originally blocking the tool from going to market on the BATS exchange, the latter applied for a review, which according to a filing seen by Fortune will now go ahead.

At the same time, a pioneering Ethereum ETF is also under consideration by the agency.

The EtherIndex Ether Trust, which it hopes to trade on the New York Stock Exchange, is “unlike” its Bitcoin equivalent, a statement from the SEC on Friday reads.

It continues:

“The Exchange represents that unlike bitcoin, ether was not designed to function purely as a store of value. Instead, ether was meant to pay for specific actions on the Ethereum Network.”

“However, according to the Exchange, ether’s market is currently supported by many of the same online exchanges and the same infrastructure that has developed around the bitcoin network.”

In the intervening period following the Winklevoss rejection on March 11, a further Bitcoin ETF was denied by the SEC, with news yet to surface about a corresponding review request.

The agency, meanwhile, stated that the Ethereum ETF is currently under active consideration.

“The Commission is instituting proceedings pursuant to Section 19(b)(2)(B) of the Act11 to determine whether the proposed rule change should be approved or disapproved,” the statement confirms.