Cboe Global Markets was refused the approval by the U.S. Securities and Exchange Commission to list a bitcoin exchange traded fund (ETF) that would be managed by Tyler and Cameron Winklevoss, founders of the popular Gemini exchange. The SEC announced July 26th that they were not convinced that the market would have adequate surveillance and cited that they believe that the underlying market Bitcoin could not be proven to be resistant to manipulation. The value of the Bitcoin ETF would be pegged to the BTCUSD market traded on the Gemini Exchanage, which further raised concerns from the SEC. The Cboe was not able to obtain sufficient information to prove the reliability of trading and volume data for Bitcoin on the Gemini exchange.
Crypto Market sold off hard on this news. However the ETF called VanEck SolidX Bitcoin Trust is still out for SEC approval.
The revised product has a per share price set at $200,000 USD, designed to make the product attractive to institutional money managers rather then individual investors. This strategy is to appease the Securities and Exchange Commissions focus on consumer protection and concerns that cryptocurrency markets carry to high of risks for individual investors.