The SEC officially denies the Winklevoss Bitcoin Trust ETF application after nearly four years of review, citing concerns about market manipulation and the unregulated nature of bitcoin exchanges. Bitcoin's price dropped roughly 18% immediately following the announcement, falling from $1,350 to around $1,100. The rejection was the first of many SEC denials of Bitcoin ETF proposals over the following years, with the agency repeatedly citing similar concerns. The Winklevoss twins vowed to continue fighting, and the broader quest for a spot Bitcoin ETF would not succeed until January 2024.
SEC: Winklevoss ETF Disapproval Order