In the throes of rising excitement about Bitcoin ETFs, a significant milestone passed unnoticed by many.the 10-year anniversary of the first-ever Bitcoin ETF filing, the Winklevoss Bitcoin Trust.
The trust, proposed by the Winklevoss twins, notable early Bitcoin investors and co-founders of the Gemini cryptocurrency exchange, was ultimately rejected by the U.S. Securities and Exchange Commission . The regulatory body cited concerns about potential manipulation and lack of regulation in the Bitcoin market.
The proposal, which sought to list and trade shares on the BATS BZX Exchange, was a pioneering effort to bring Bitcoin into the mainstream financial system and provide traditional investors an opportunity to gain exposure to Bitcoin without the need to directly buy, store and secure the digital asset.However, the SEC rejection set a precedent for future Bitcoin ETF proposals. As of now, despite the numerous applications over the years, there is no approved spot Bitcoin ETF in the United States.
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