Bitcoin Back Near Record Highs As SEC Reviews ETF-Blocking Decision

Tyler Durden's picture

Bitcoin is up 8 days in a row, pushing back above gold, shaking off its 'fork' concerns and testing towards $1300 today as the SEC announces that it intends to review its decision to reject a bitcoin ETF proposed by the Winklevoss twins.



As previously reported by CoinDesk, the SEC shot down a bid by the Winklevoss brothers to get the ETF listed on the Bats BZX exchange in March. Specifically, the agency declined a rule change proposed by Bats that would have cleared the path for the ETF, citing a lack of market surveillance and regulation. Less than two weeks after the decision was handed down, Bats petitioned for a review – a move that the agency has now approved.

The SEC said yesterday that it had approved the petition, opening the door to further comment between now and 15th May. The agency said:

"Pursuant to Rule 431 of the Rules of Practice,11 BZX's petition for review of the Disapproval Order is granted. Further, the Commission hereby establishes that any party to the action or other person may file a written statement in support of or in opposition to the Disapproval Order on or before May 15, 2017."

The move comes weeks after the SEC rejected another bitcoin-tied ETF, proposed by SolidX, that would have listed on the NYSE Arca exchange if approved.

Full note below:

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hedgeless_horseman's picture


Ultraticum just converted some of the BTC donated to the ZH Symposium!

We have paid for the hall, and both music acts!!!

Joe Davola's picture

citing a lack of market surveillance and regulation

Who needs that stuff anyway!!!

hedgeless_horseman's picture


Looking forward to many great talks, including this one by two world-renowned experts...

Crypto currencies: Ian Grigg and Ken Griffith, The Death of Banking and the Rise of New Financial Ecosystems - How to Make it Work For You

We still need to pay for another 350 extra chairs, video, and lighting.  Please donate some BTC if you can...

Or here...

We have had 49 people donate!

Lodging in Marfa is drying up, and it appears we will have at least triple digit attendance.

wren's picture

Bitcoin is all fine and good, while there are computers or faith in another unbacked currency.


Fonestar is jerking off on a pile of electronic Precious. 

Better results peeing on an electric fence.

Digital Ponzi scheme. 

crazytechnician's picture

This thing is still on the ground floor. If you still don't understand it just invest 100 bucks. You can play around with sending it from device to device just like email. May stop you being so pi$$ed with it.

Prisoners_dilemna's picture

One may ask, "How does a bicycle work?".  We could discuss rubber tires and traction, or counter steering, or gear ratios, proper lubrication.... there are many aspect to making a bicycle work properly.


One may ask, "how does bitcoin work"?   Here is one answer and aspect.



Raffie's picture

Btc been down for a while but volumes been up. Weird.

Clif High's web bot did predict Btc confusion and down for April and into May then into a smooth upwards transaction after breaking the $1400 range.

Silver Bug's picture

Up down, up down, BTC is more of a roller coaster than precious metals. STILL, it is a valuable asset that isn't going anywhere. The banks are just trying to figure out how they can profit from it.

Consuelo's picture



The term 'banks' could (and should) be used interchangeably with:


Fred Hayek's picture

So, someone in power noticed that, "Hey, our fake ETF's in gold and silver do such a good job of siphoning away demand from actual gold and silver, maybe we should reconsider that decision and allow similarly fraudulent ETF's to suppress the price of bitcoin?"

The prospectuses of SLV and GLD are a joke.  I'll save you the trouble of reading them.  "We don't have to own anything and you can't make us."

wcvarones's picture

Who needs ETFs?  You can buy Bitcoin with credit cards now.

AE911Truth's picture

How will bitcoin price and minning profitability be affected when BrilliantLight Power SunCell generators provide electricity at USD $0.001 per kilowatt hour?

Don Pancho's picture

Of course they will alllow all kinds of ETFs on BTC...

How else can they keep Au & Ag in check after everything else and a bag of chicharrones has failed???

Oh yeah, divert funds by getting idiots to pile into beanie babies, err, pokemon, err, i mean bitcoin...yeah, bitcoin...

GodSpeed_00's picture

Buying Bitcoin and Litecoin was probably the smartest thing I've ever done.

Michigander's picture

citing a lack of market surveillance and regulation


werker's picture

So this is your announcement on etf's?    THIS is how you aknowlege?

I am finished with you.   You will NOT be receiving any more help from me.

You guys really hurt me. 

bobsmith5's picture

If Bitcoin had end of month options expiry at the Comex and then again at the LBMA and a few ETF's for the Plunge Protection Team to manipulate you can be sure it would not be anywhere near it's all time high.  This is where the precious metals would be if it were not for the massive paper shorts, a record as we speak, that are used to knock the snot out of them.

Placerville's picture

The thing is, there is no clearing house for Bitcoin and no afternoon fix. No allocated and unallocated. You own it or you don't. If the coins are not sold out on the open market, the price doesn't drop.

No delivery, No BTC.

gunzeon's picture

Let the pump begin ! $1372 ++ !

ultraticum's picture

Money jobbers gotta get after BTC via these derivatives (ETFs).  Kinda like SLV and GLD . . . a way to own fractional reserve bankster paper and think you're owning something valuable.

If you want exposure to precious metals, buy some.  If you want exposure to bitcoin, it is surprisingly easy.

Youri Carma's picture

They realized they've made a mistake because they can't manipulate Bitcoin now.

They will correct this mistake and so expect a Bitcoin ETF soon.

Iamanisland's picture

Bitcoin is air. I'm sure the fiat regime will be in on it soon.  I want more pet rocks.  He!He!He! chuckle chuckle...

Appreciated Chelsea Clinton's picture

Laugh now-- maybe in 300 years your metals will make their returns for you.

Making Merica Great Again's picture

Bitcoin is the new gold.

withglee's picture

Bitcoin is the new gold.

And neither of them are money ... never have been ... never can be. They can't guarantee perpetual perfect balance between their supply and demand. This is a sub-minimal attribute of "real" money.

BitCoin and Gold are clumsy imposters of money. Trade each at your own risk ... especially BitCoins. At least gold can be used for electrical contacts and filling teeth.

U4 eee aaa's picture

You can't print gold and you can't destroy gold. Unlike the funny paper you hold

withglee's picture

You can't print gold and you can't destroy gold. Unlike the funny paper you hold

Nor can you print cement blocks. Both represent money equally ... i.e. not at all. You confuse a completed trade with an in-process trade spanning time and space when you make stupid observations like you just did.

Womb Service's picture

Money should be whatever the free market decides upon. We don't need a bureaucrat to "guarantee perpetual perfect balance between their supply and demand". That is what a functioning market is for.

withglee's picture

Money should be whatever the free market decides upon. We don't need a bureaucrat to "guarantee perpetual perfect balance between their supply and demand". That is what a functioning market is for.

Right. And the free market (i.e. traders) will adopt the least costly, most efficient choice available to them that does what money does ... i.e. enables simple barter exchange over time and space.

Dollars right now do that far better than any other MOE process ... defective as that process purposely is. Gold and silver are provably not  even in the running. They don't even qualify as clumsy substitutes for real money.

And the "functioning market" you refer to is not a market for the MOE itself ... it's for what the traders are trading. They will use a "proper" MOE process because it eliminates one very problematic degree of freedom (and exploitation) from the trade. It guarantees to them that the game doesn't ever change over time and space. It's not bureaucratic ... is just automatic negative feedback control. No human intervention required at all.

Wake up!

CJgipper's picture

gold is gold.  bitcoin is bitcoin.  I own both.  Bitcoin is a trading and value movement medium.  Gold is value storage.  They all have their purposes.

TVP's picture

I give a fuck what any keyboard commando says.  I listen to the likes of Richard Branson, Max Keiser, Bill Gates, and THIS GUY >

In the last week, over a billion has flowed into all crypto total.  Over the last six weeks, that makes for about five billion USD flowing into the sector.  That's about a 25% increase. 30.9 B all in all.  It was zero eight years ago.      

Some altcoins have been surpassing the moon in recent weeks - Litecoin (LTC) up to 14.50 from 4.00 - over 250%.  Bitshares (BTS) - up to 0.013 from 0.005, over 150%.  Dogecoin (DOGE) - up over 100%. Ripple (XRP) - up over 200%.  Peercoin (PPC) and Namecoin (NMC) both up over 50%.    

In the past few months, Etheruem went from 10 to 50.  400% increase.  Market cap went from 1.5 Bil to 4.5 Bil.  

Numbers don't lie.  These are USD denominated numbers.  If you look at other failing fiat it's even more dramatic.     


Numbers don't lie. 

Bitcoin slides into the toilet have been equally sudden, violent, and monetary killers of value.

Currency is supposed to be a stable medium of exchange, not a hyperactive gerbil on steroids ping ponging all over the charts.

If I wanted that level of stoopid, I would get into stawks. 

U4 eee aaa's picture

They can't control the price if they can't pump and dump it.

mosfet's picture

Be careful what you wish for

Once they have a 'paper' Bitcoin equlivant the banksters can print as many of them as they like and naked short the shit out of it.  And anyone who thinks that an ETF would never affect the price of real Bitcoins only needs to refer to the last 20 years of Gold & Silver manipulation.  At least PMs have a physical market to keep prices from plummeting drmatically below miner production costs - Bitcoin only has a digital market with no 'new' production cost limit on how far it can fall.

Anyone holding Bitcoin, who thinks a BTC ETF is a great idea is an idiot.  The moment that ETF goes on the market is the same moment Bitcoin price has peaked.  Then watch as everyone scrambles into every other digital currancey that's 'Not Bitcoin', and proceeds to dilute it and every other cryptocurrency.

In.Sip.ient's picture

"Print"???  If you mean real BTC, NOT TECHNICALLY POSSIBLE...



mosfet's picture

"Print"???  If you mean real GOLD, NOT TECHNICALLY POSSIBLE...

Yet the Gold 'price' follows the paper...and so too will Bitcoin if it's turned into a 'naked shortable' asset.  This is exactly what the banks want - A Bitcoin ETF they can make a killing on by shorting it into oblivion.

Collectivism Killz's picture

All the more reason to go into ETH. I said this when ETH was at 6 bucks. BTC is the Apex of cryptos and will eventually be put under the same control as Gold and Silver. Only a collapse can loosen the grips from the aforementioned. I am the biggest PM bug around and like cryptos as well, but I still take profit on Bitcoin to buy physical metals or ETH.

bluskyes's picture

So, I can buy an ETF ETF, but not a currency ETF

echoes's picture

Though btc and gold have very little in common, they are perhaps the only weapons left against the shekelites.

In.Sip.ient's picture

This may be the most important "news" of the economic

variety out there, along with PMs.


Exponere Mendaces's picture

Another Bitcoin article, another flood of old men confused and angry that Gold is getting "monkeyhammered" and still not seeing the path to profitability sitting right in front of them.

Makes you wonder how long someone can say "tulips" when the asset itself has survived gyrations and blowouts that nothing else would? Its kinda funny seeing all these "phyzz" monsters rail against a non-government backed method of transferring value globally.

I guess they're so used to having their portfolios battered and beaten by the "invisible hand" of paper manipulators that they've given up all hope, or just blindly assume that every other asset trades the same. (Hint - they don't.)

Then you get the jokers that say "volatility is bad" - right, if you're some grandpa that can't stand the rollercoaster, stick with silver or gold. The beatdowns are regular there and it will give you a little hope before cutting your nuts off. For the real men, stick with Bitcoin, realized volatility is around 3% even if you factor in some of the wilder days.

But who the fuck am I, right? I'm just some smartass on a keyboard. Well, I'm also a very fucking rich smartass, because I did what all of you refused to do years ago, and put my money where my mouth is. Seeing the yearly and monthly returns add up has sure been a pleasure. It won't take much now for the value to exceed what I'd need to last until I die a natural death.

But go ahead, keep calling "tulips" and "currencies can't trade so wildly" blah blah blah blah... I'll just be laughing all the way to the fucking bank.