The U.S. Securities and Exchange Commission has again rejected a bitcoin-based Exchange-Traded Fund proposed by Tyler and Cameron Winklevoss, founders of the Gemini Bitcoin Trust.

At least one expert saw a bright spot in the order, however. Ridgway Barker, partner on the corporate team of international law firm Withers, said Friday that, “while receiving a disapproval from the SEC on an application such as this is certainly disappointing, there is a bit of a silver lining in that the SEC has laid out in reasonable detail the concerns that lead it to that conclusion. These concerns are largely data driven, and one could use them to create a sort of roadmap to approval. I do not believe that that challenges are insurmountable.”

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