The decision was a significant setback for Tyler and Cameron Winklevoss, twin brothers who began working on a proposed Bitcoin exchange-traded fund, or E.T.F., four years ago. The commission said it was rejecting the Winklevoss Bitcoin Trust because the markets where Bitcoin are currently traded are largely unregulated. Several other companies have also applied to operate Bitcoin exchange-traded funds, and the S.E.C. But the commission’s broad concern about the unregulated nature of Bitcoin markets suggests that an approval may be unlikely in the near future. Tyler Winklevoss said that he and his brother were not giving up on the exchange-traded fund.

Source: New York Times March 10, 2017 22:25 UTC