The Securities and Exchange Commission (SEC) denied the approval of a rule change proposal that would have allowed for the Winklevoss Bitcoin ETF to be traded on the Bats BZX Exchange, also operated by the Winklevoss brothers; approval would have created the US's first publicly traded bitcoin investment fund; the SEC cited two main factors in their disapproval of the investment: 1) the Exchange lacks surveillance-sharing agreements with significant markets for trading the underlying bitcoin commodity and 2) the markets involved in bitcoin trading are not sufficiently regulated. Source
