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The Winklevoss Bitcoin ETF has been rejected by the SEC.

The first of several attempts to create an exchange traded fund based on cryptocurrency tokens has failed in its bid for regulatory approval.

Coin Center executive director Jerry Brito had this to say:

“The Winklevoss ETF proposal was rejected because the SEC found that the significant markets for Bitcoin tend to be unregulated overseas markets that are potentially subject to price manipulation. But this creates a chicken and egg problem. How do we develop well-capitalized and regulated markets in the U.S. and Europe if financial innovators aren’t allowed to bring products to market that grow domestic demand for digital currencies like Bitcoin?”