Winklevoss Capital Management founders Cameron and Tyler Winklevoss got the thumbs down for what could have been the first cryptocurrency ETF on Thursday, as the Securities and Exchange Commission rejected their application for the “Winklevoss Bitcoin Trust” a second time.

The SEC rejected an application for the “Winklevoss Bitcoin Trust” last year, but the application was resubmitted in June, which included a proposed rule change. According to a release Thursday by the SEC, the agency said that it did not agree with the Winklevoss’ premise that cryptocurrency markets are “uniquely resistant to manipulation.”

In addition, the SEC rejected the resubmittal due to concerns regarding fraud and investor protection, citing that “it has not met its burden under the Exchange Act.”

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