After considerable anticipation, The SEC has decided to reject the request from the Winklevoss twins to launch a Bitcoin ETF for the second time. Bitcoin is down modestly on the news.

The SEC rejected the application because it wasn't convinced that the market would have adequate surveillance and follows the decision in January for two companies to pull their applications.

Bitcoin is sliding, down some 2.8%, sliding below $8000 for the first time since July 24.

What we would note is that Bitcoin is down very modestly in the news - something that would likely have crashed it just a few months ago.

More than likely, this is why the cryptocurrency is not reeling, as Bitcoin pioneer Charlie Shrem notes...

This is old news, While I think Cameron and Tyler would have run one of the better ETF's, The new ETF excitement came from the fact that CBOE filed their own Bitcoin ETF. The SEC would rather grant an ETF to an existing institution over a new one. https://t.co/xLHZDLo9O5 — Charlie Shrem (@CharlieShrem) July 26, 2018

Coinbase confirms, noting that today's SEC decision traces back to March 2017, when it first rejected a bid to list the Winklevoss bitcoin ETF. Shortly after the SEC turned down the initial proposal, Bats BZX pushed for a review of that decision, but that has been turned down too.,

Today's SEC decision (https://t.co/T2KPzpXanQ) traces back to March 2017, when it first rejected a bid to list the Winklevoss bitcoin ETF. Shortly after the SEC turned down the initial proposal, Bats BZX pushed for a review of that decision. https://t.co/5SaSc3zF73 — CoinDesk (@coindesk) July 26, 2018

However, concerns remain...

you're probably right but it doesn't change the fact that a bitcoin ETF under control of CBOE or Gemini still faces main SEC concerns of cash market manipulation and inability to monitor and/or regulate the global spot market the ETF would be based on — Matt Leising (@mattleising) July 26, 2018

And specifically, here's why...