Bitcoin crashes after the SEC rejects the Winklevoss twins’ ETF



Bitcoin is crashing after the Securities and Exchange Commission rejected Tyler and Cameron Winklevoss’ proposal for an exchange-traded fund. The cryptocurrency plunged more than 16% in the moments after the decision was released and is now down 14%, or $192, at $1,000 per bitcoin.

“As discussed further below, the Commission is disapproving this proposed rule change because it does not find the proposal to be consistent with Section 6(b)(5) of the Exchange Act, which requires, among other things, that the rules of a national securities exchange be designed to prevent fraudulent and manipulative acts and practices and to protect investors and the public interest,” the SEC said in its release.

BitcoinInvesting.com

http://www.businessinsider.com/bitcoin-price-crashes-after-the-sec-rejects-the-wiklevoss-twins-etf-2017-3