The Securities and Exchange Commission (SEC) has approved a petition that requires it to review its decision to reject the bitcoin exchange traded fund proposed by Gemini co-founders Cameron and Tyler Winklevoss, CoinDesk reported.

The SEC the rejected the effort of Winklevoss twins to list a bitcoin ETF on the Bats BZX Exchange in March. Soon after the decision, Bats petitioned for a review, which has been approved by the agency this week.

"Pursuant to Rule 431 of the Rules of Practice,11 BZX's petition for review of the Disapproval Order is granted. Further, the Commission hereby establishes that any party to the action or other person may file a written statement in support of or in opposition to the Disapproval Order on or before May 15, 2017”, the SEC said.

While the SEC is to review its rejection of the bitcoin ETF, it has issued a new notice which says that it has started considering whether to approve an Ethereum ETF proposal.

In July 2016, the backers of the EtherIndex Ether Trust filed with the SEC to launch an Ethereum ETF on the NYSE Arca exchange, CoinDesk reported. This was followed by the exchange filing for a proposed rule change to make way for ETF listing.

According to a notice published in January 2017, the sponsor of the Trust is EtherIndex LLC, a Delaware limited liability company. Delaware Trust Company is the trustee of the Trust. The Bank of New York Mellon will be the administrator and custodian of cash of the Trust. Coinbase will be the custodian of the ether of the Trust.

"Institution of such proceedings is appropriate at this time in view of the legal and policy issues raised by the proposed rule change. Institution of proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved. Rather, as described below, the Commission seeks and encourages interested persons to provide comments on the proposed rule change”, the SEC said in the new notice dated 21 April 2017.