The possibility of a bitcoin exchange-traded product arriving in the near future has diminished further after the US Securities and Exchange Commission ( SEC ) dismissed nine bitcoin ETFs by Direxion , SEC , and Direxion . The SEC said although its decision was not based on whether bitcoin had "utility or value as an innovation or an investment", not enough had been done to "prevent fraudulent and manipulative acts and practices". However, SEC makes it clear that its decision of rejection should not be taken as a stand against cryptocurrencies or blockchain in general. The decision follows a similar ruling handed to the Winklevoss twins over their Bitcoin ETF , while a delayed ruling on a SEC product is expected on 2019 .
The possibility of a bitcoin exchange-traded product arriving in the near future has diminished further after the US Securities and Exchange Commission ( SEC ) dismissed nine bitcoin ETFs by Direxion , SEC , and Direxion . The SEC said although its decision was not based on whether bitcoin had "utility or value as an innovation or an investment", not enough had been done to "prevent fraudulent and manipulative acts and practices". The decision follows a similar ruling handed to the Winklevoss twins over their Bitcoin ETF , while a delayed ruling on a SEC product is expected on 2019 .