SEC says it will not approve Winklevoss bitcoin ETF

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NEW YORK (Reuters) – The U.S. Securities and Exchange Commission on Thursday said it would reaffirm an earlier decision not to let a proposed bitcoin-tracking exchange-traded fund trade.

Brothers Cameron (L) and Tyler Winklevoss talk to each other as they attend a New York State Department of Financial Services (DFS) virtual currency hearing in the Manhattan borough of New York January 28, 2014. REUTERS/Lucas Jackson

In a statement on its website, the SEC said it found “unpersuasive” arguments that the bitcoin ETF proposed by Cameron and Tyler Winklevoss, founders of crypto exchange Gemini, would be sufficiently protected from manipulation.

Reporting by Trevor Hunnicutt; Editing by Dan Grebler