The SEC denied a request to list what would have been the first U.S. exchange-traded fund built to track bitcoin. Investors Cameron and Tyler Winklevoss have been trying for more than three years to convince the SEC to let it bring the Bitcoin ETF to market. The regulators have questions and concerns about how the funds would work and whether they could be priced and trade effectively. Specifically, regulators stated the "significant markets for bitcoin are unregulated," adding "bitcoin is still in the relatively early stages of its development and that, over time, regulated bitcoin-related markets of significant size may develop."
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