A lack of US regulatory oversight and an absence of surveillance sharing agreements between bitcoin exchanges both contributed to the US Securities and Exchange Commission's (SEC) decision to refuse to authorise the Winklevoss Bitcoin Trust exchange traded fund. The latter objection was fuelled by concerns of market manipulation following an alarming drop in Chinese bitcoin trading volumes after fee-free trading was suspended early 2017. In a statement released on December 12, 2017, the SEC said: "The Commission has determined that it is not appropriate for us to approve or register this exchange-listed fund because we have no direct knowledge about
A lack of US regulatory oversight and an absence of surveillance sharing agreements between bitcoin exchanges both contributed to the US Securities and Exchange Commission's (SEC) decision to refuse to authorise the Winklevoss Bitcoin Trust exchange traded fund. The latter objection was fuelled by concerns of market manipulation following an alarming drop in Chinese bitcoin trading volumes after fee-free trading was suspended early 2017. These objections are seen as posing a serious challenges to the eventual authorisation of bitcoin ETFs, according to Moe Adham, the CEO of Bitaccess.