The commission wrote in its decision that Bitcoin was “still in the relatively early stages of its development<br />and that, over time, regulated Bitcoin-related markets of significant size may develop.”<br />The commission added that it could reconsider a Bitcoin exchange-traded fund if more mature markets developed.<br />The lack of such regulation, the commission said, raised “concerns about the<br />potential for fraudulent or manipulative acts and practices in this market.”<br />The price of Bitcoin has climbed sharply in recent weeks in anticipation of the commission approving the<br />Winklevoss brothers’ fund, with the price of a single Bitcoin surging to a record high above $1,300.<br />By NATHANIEL POPPERMARCH 10, 2017<br />The Securities and Exchange Commission said on Friday it had rejected an application to create an exchange-traded fund tied to the price of Bitcoin.<br />“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<br />that grow domestic demand for digital currencies like Bitcoin?” Mr. Brito said in a statement on Friday.
