Gemini joint creation: US SEC's refusal to approve spot bitcoin

, Gemini co-founder Cameron Winklevoss said that the SEC's refusal to approve a spot bitcoin ETF is "a complete disaster for American investors." Winklevoss believes that without an approved spot bitcoin ETF, U.S. investors will be pushed into “toxic products like the Grayscale Bitcoin Trust (GBTC),” which trades at a significant discount to bitcoin’s value. Prices, and charge "astronomical" fees.
According to YCharts, GBTC's net asset value is currently at a 30% discount to the price of Bitcoin, and according to the latest research from financial services company MorningStar in July 2022, GBTC's annual fee is 2%, while Bitcoin's annual fee is on average 0.40%