U.S. Securities and Exchange (SEC) Commissioner Hester M. Peirce has published a statement of official dissent from the agency’s second disapproval of the Winklevoss brothers’ application for a Bitcoin (BTC) exchange-traded fund (ETF) yesterday, July 26.
The Winklevoss’ Bats BZX Exchange, Inc. (BZX) had filed a proposed rule change with the SEC in June 2016 to allow it to list and trade shares of a Bitcoin ETF called the Winklevoss Bitcoin Trust, which was rejected by the agency in March 2017.
Following the disapproval of the initial proposition, the group filed a petition seeking “review of the disapproval by delegated authority, which the SEC formally rejected Thursday, July 26.
Referring to the most recent rejection, SEC Commissioner Peirce argued that the SEC has fundamentally erred with its latest decision on three grounds.
Meanwhile, on July 24 the SEC delayed its decision on a separate Bitcoin ETF application from investment firm Direxion, the same day as digital asset manager Bitwise filed its own application with the regulator for an ETF that would track an index of ten cryptocurrencies.

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