“Despite the legal challenges the Winklevosses face, SecondMarket has already succeeded at launching a bitcoin ETF known as the Bitcoin Investment Trust. One notable difference between the two funds, is that SecondMarket’s offering is only open to high-income, institutional investors.  The original proposal for the Winklevoss ETF called for it to be traded publicly and open to general investors. Subsequent reports suggested that SecondMarket was able to bypass many regulatory hurdles by pursuing this demographic, and that even ETFs that deal in established commodities can face difficulties making it to a wider market.”

http://www.coindesk.com/winklevoss-to-submit-revised-bitcoin-etf-sec/

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