The U.S. Securities and Exchange Commission (SEC) has rejected a request by the Winklevoss twins, creators of the cryptocurrency platform Gemini, for a bitcoin exchange-traded fund (ETF) with a 3-1 vote.

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The SEC has not yet approved a bitcoin ETF and in January the financial watchdog body stated that the organization has to review the decision due to “significant investor protection issues.”

According to the SEC, more than three-fourths of all bitcoin volume occurs independent of the United States, and 95 percent of the volume occurred on non-U.S. exchanges.

Bitcoin climbed to a two-month high above $8,300 this week.

Earlier this week, the SEC announced a postponement of its review of investment firm Direxion’s bitcoin ETF until September 21, according to an official document released by the U.S. Government Publishing Office.

“THE COMMISSION FINDS IT APPROPRIATE TO DESIGNATE A LONGER PERIOD WITHIN WHICH TO ISSUE AN ORDER APPROVING OR DISAPPROVING THE PROPOSED RULE CHANGE SO THAT IT HAS SUFFICIENT TIME TO CONSIDER THIS PROPOSED RULE CHANGE,” THE SEC STATED.

“ACCORDINGLY, THE COMMISSION […] DESIGNATES SEPTEMBER 21, 2018, AS THE DATE BY WHICH THE COMMISSION SHALL EITHER APPROVE OR DISAPPROVE THE PROPOSED RULE CHANGE[.]”

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