Winklevoss: SEC calls for Bitcoin ETF to market surveillance and investor protection
Home News Winklevoss: SEC calls for Bitcoin ETF to market surveillance and investor protection
Marcus Misiak –
Tyler Winklevoss and Cameron Winklevoss, the founders of the crypto-currency stock exchange Gemini languages in a recent Interview with Fortune Ledger about the progress of your Bitcoin ETFs and explained the main concerns of the U. S. Securities and Exchange Commission in respect of the Exchange Traded Fund.
In July 2018, the us securities and exchange Commission, SEC, refused the approval of one of the brothers Winklevoss proposed rule change because of market manipulation and a lack of market surveillance. This was already the second Time that the American stock market regulator rejected the Winklevoss brothers, proposed Bitcoin ETF. The rejection of the ETF, even from within its own ranks by the SEC Commissioner, Hester Peirce, criticism arose. Peirce, a Statement the SEC published in judgment and stated that the proposed rule change, the Winklevoss twins met all of the requirements for the approval of a Bitcoin ETF.
Cameron said regardless of the fact that the time commitments of the framework, in which the SEC is a Bitcoin ETF approved “hard to predict”. He added that the Gemini Team has been working for over six years on a Bitcoin ETF, and explained that Gemini intends to “make it”, even if a full-fledged regulatory starting shot will take a further six years, and said:
We understand the concerns of the Commission. We have heard loud and clear, and you are asking, basically, more market to prevent monitoring and protection on the market to prevent manipulative behavior, and so on. So, Gemini has established a market monitoring team.
Cameron also mentioned the implementation of the SMART technology of the Nasdaq company, which is Gemini, the market monitoring services of the Nasdaq, the second-use largest exchange in the world, is an important step. He also pointed to the leading participation from Gemini to the Virtual Commodity Association, a self-regulatory organization for the US cryptocurrency industry, which could improve surveillance of the market as a whole. He explained that they are working to bundle the crypto-exchanges under one roof and exchange information, in order to bring “integrity in the market”, one of the main concerns in the case of an ETF product. He added:
We know that the Commission in this respect is conservative, that makes a lot of sense, because this will be the first of many products of its kind. So we have to make it right. So we are willing to accept the fact that we need to do our homework.
The Winklevoss twins also talked about the criticism of the SEC, the crypto-currency market is a lack of liquidity-containing and therefore very susceptible to market manipulation. Cameron stated that Bitcoin was actually “fairly liquid”, and added that the main concern was that the derivatives market is still very much in the making and that he needed to grow up for pricing.