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For three years, two well-known brothers have been trying to convince the US stock exchange supervisor of an investment fund for Bitcoin. But their arguments do not draw. Financial auditors see too much room for fraud and manipulation.

Setback for the digital currency Bitcoin: The US stock market supervisory authority SEC has rejected the first index fund, which should make investments in the crypto money available to broader investors. The financial product was too susceptible to manipulation and fraud because of the lack of regulation of the bitcoin trade, the authority justified its decision.

The bitcoin rate, which had hoped that the fund would be approved before a record high of more than 1300 dollars, then fell back to just over 1000 dollars. He recently recovered slightly at around 1100 dollars.

The SEC decision is a big blow for the twins Tyler and Cameron Winklevoss, who are behind the planned investment fund and have been trying to convince the wardens for three years. With the “Winklevoss Bitcoin Trust ETF” they wanted to establish the digital currency in the financial markets.