Brothers Tyler and Cameron , have had their bitcoin exchange - traded fund ( ETF ) application denied by the US Securities and Exchange Commission ( SEC ) . The SEC further emphasized that their rejection of the petition did not hinge on whether cryptocurrencies or blockchain technology “[have] utility or value as an innovation or an investment.” The pair had their original application for a bitcoin ETF rejected by the SEC in February 2017 , due to the highly unregulated nature of bitcoin markets . Following the rejection , the Winklevoss brothers filed “ a timely petition seeking a review of the market by delegated authority ” , which on Friday July 26 was rejected once more by the SEC , stating that the markets are “ uniquely resistant to manipulation " .
Brothers Tyler and Cameron , have had their bitcoin exchange - traded fund ( ETF ) application denied by the US Securities and Exchange Commission ( SEC ) . The pair had their original application for a bitcoin ETF rejected by the SEC in February 2017 , due to the highly unregulated nature of bitcoin markets . Following the rejection , the Winklevoss brothers filed “ a timely petition seeking a review of the market by delegated authority ” , which on Friday July 26 was rejected once more by the SEC , stating that the markets are “ uniquely resistant to manipulation " .