Cameron Winklevoss reiterates his criticism of the SEC on the 10th anniversary of his rejected Bitcoin ETF application

Cameron Winklevoss reiterates his criticism of the SEC on the 10th anniversary of his rejected Bitcoin ETF application

10 years of rejected Bitcoin spot ETF application: Cameron Winklevoss criticizes SEC

Cameron Winklevoss, co-founder of the Gemini crypto exchange and well-known crypto investor, has renewed his criticism of the authority on the occasion of the 10th anniversary of his first, rejected application for a Bitcoin spot ETF to the US Securities and Exchange Commission (SEC). He called the SEC's refusal to approve crypto financial products a "total disaster" and blamed the agency for the emergence of "toxic products" and fraudulent investments.

Winklevoss emphasized that regulating the crypto market in the US would be a better solution. He called on the SEC to focus on its core mission - protecting investors, promoting fair and orderly markets and facilitating capital formation. Finally, he expressed his support for the launch of Bitcoin ETFs.

A large number of applications for the approval of Bitcoin spot ETFs have currently been submitted to the SEC. One application that has received particular attention comes from the world's largest asset manager BlackRock in collaboration with the crypto exchange Coinbase. However, the SEC rejected the application due to insufficient information. There was a lack of information about the monitoring agreements, in particular the “joint monitoring agreement” with a specific Bitcoin exchange. Applicants must provide this detailed information in order to resubmit their application.

Other asset managers such as Valkyrie, WisdomTree and Invesco also plan to revise their current applications to increase their chances. The application from the Swiss asset manager 21Shares together with ARK Invest boss Cathie Wood is expected to be decided on August 13th and will also be revised.

The return of the BlackRock application and the uncertainty surrounding the other applications have led to price movements in Bitcoin. After an initial upward movement to over $31,000, the Bitcoin price temporarily fell back below the $30,000 mark.

With his criticism of the SEC, Cameron Winklevoss has once again highlighted the difficulties in approving Bitcoin spot ETFs in the USA. Applicants must now revise their applications to meet regulatory requirements. Investors are curious to see whether and when such an ETF will be approved.