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The SEC’s rejection of the latest Winklevoss bitcoin ETF proposal offers a big silver lining

The proposal for a bitcoin-related exchange-traded fund that was rejected by the Securities and Exchange Commission on Thursday offered up one significant silver lining.

SEC commissioner Hester M. Peirce chose to dissent from the decision, saying the denial is halting the maturation of the cryptocurrency market. “More generally, the commission’s interpretation and application of the statutory standard sends a strong signal that innovation is unwelcome in our markets, a signal that may have effects far beyond the fate of bitcoin ETPs,” wrote Peirce.

Read: Winklevoss bitcoin ETF rejected by SEC

The SEC has continued to push back on the idea of a digital-asset-related ETF, citing concerns over liquidity, price manipulation and custody — the security of the underlying asset.

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