Plans for the Winkelvoss Bitcoin Trust, an ETF sponsored by twin brothers Cameron and Tyler Winkelvoss, are moving forward, but investors should not expect the ETF to debut this year, according to an attorney representing the twins.
Kathleen H. Moriarty, a partner at Chicago-based law firm Katten Muchin Rosenman LLP, told Bloomberg’s Christopher Condon that the bitcoin ETF proposal “has almost no chance of being approved in 2014.”
Moriarty did say in the Bloomberg interview that an amended proposal for the Winkelvoss Bitcoin Trust is likely to be submitted to U.S. regulators in the next two weeks.
“The SEC has generally been receptive,” the trust’s lawyer, Evan Greebel, told Michael Casey of the Wall Street Journal earlier this month. “We are working through common procedures and working through the registration process and we have not gotten any show stoppers. We think the SEC understands the nature of the project and understands that it does bring stability to bitcoin.” [Bitcoin ETF Idea Moves Forward]
The trust’s sponsor is Math-Based Asset Services LLC, which was formed in mid-2013.Bitcoin is a type of decentralized digital currency based on a peer-to-peer network and can be exchanged through computers internationally without a financial intermediary. The system was first introduced by developer Satoshi Nakamoto in 2009. [Study Says Bitcoin is Speculative]
By some estimates, the Winklevoss twins’ bitcoin holdings are worth $55 million.
Chart Courtesy: BitcoinWisdom.com
The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.