Winkelvoss Twin Beatdown: SEC Rejects Their Bitcoin ETF; Prices Plummet Amidst Panic Fag-Friday Trading Tumult

This was a no brainer decision for the SEC — denying the Winklevoss proposed bitcoin ETF — based on the merits that it is nothing more than a digital way to commit wire fraud and a sundry of anti-money laundering schemes. It will never, ever, gain SEC approval.

Get used to it Bitfags.

In a statement issued by the D+ students at the SEC, they wrote: “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.”

Tyler Winklevoss retorted the SEC rejection with more Facebookesque determination.

“We remain optimistic and committed to bringing COIN [the proposed ticker] to market, and look forward to continuing to work with the SEC staff. We began this journey almost four years ago, and are determined to see it through. We agree with the SEC that regulation and oversight are important to the health of any marketplace and the safety of all investors.”

Botton line: prices are down in the magnitude of 8%. But don’t worry, there are thousands of Chinese millionaires scheming ways to remove their money from China — which should provide succor to prices soon.

Ironically, the only bitcoin ETF derivative play, $GBTC, should benefit from this Winklevoss beat down — further solidifying its position as the only way normies can invest in bitcoin on the open market.