A bit awry
Bitcoin Needs to Think Outside ETF Box
U.S. rejection of a planned ETF means it's time for unconventional thinking.
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The hopes of Tyler and Cameron Winklevoss to list an exchange-traded fund based on bitcoin were dashed by the Securities and Exchange Commission. That suggests the digital currency's future may not be in the U.S., and probably shouldn't hinge on a fund that invests in nothing else.
The U.S. regulator ended an almost four-year debate with the Winklevoss twins Friday, indicating it wasn't comfortable approving an ETF that would be based on a mostly unregulated asset and over which surveillance and enforcement may be difficult. While previous reservations from the SEC seemed surmountable, this one required bitcoin to be something else.