The agency noted that, to be approved, an exchange offering a bitcoin ETF would need "surveillance-sharing agreements with significant markets for trading the underlying commodity or derivatives on that commodity. Becoming the first to offer a bitcoin ETF, which most experts agree is inevitable, would have marked a moment of redemption for the twins. The rejection of the Winklevoss proposal also does not necessarily end the prospects for a bitcoin ETF. Bogart, who used to work at ETF.com said he had never seen an ETF decision be so closely watched. Bogart said even the fact the SEC took nearly four years to investigate bitcoin might seem to somewhat legitimize bitcoin to investors.

Source: Forbes March 10, 2017 21:22 UTC