I am pro BTC, anti fraud and manipulation of it. Pretty frustrating to watch bad actors who have overtaken the scene and derail from great goals of the project. Everyone should be voicing against the Tether fraud for us to have a chance at ETF. But they don't because of greed and fear of what the real markets will look like without the fraudulent stablecoins. And the exchanges which are working against people. In a similar manner I also don't condone what the shitfluencers use to bring in new players who don't understand the markets and bound to lose money following their jingoism.
Do you have the link that this screenshot is from? I was able to pull up citation 69 but not 68. The fungibility distinction from that website was something I did not know to the detail that it was outlined. Interesting data point, thanks for posting.
Yes it is an excerpt from this full release from the November rejection https://www.sec.gov/rules/sro/cboebzx/2021/34-93559.pdf
I'm reading through this now but came across this in a news summary; "The filing did not meet "the requirement that the rules of a national securities exchange be 'designed to prevent fraudulent and manipulative acts and practices' and 'to protect investors and the public interest,'" the SEC said. That's a little rich coming from a regulator that turns a blind-eye to HFT's and latency arbitrage. Also the GME/AMC spectacle this past year reveals some of the dark underbelly and hypocrisy of tradfi. Canada doesn't seem to have the same concerns that the SEC does; https://www.marketsmedia.com/fidelity-launches-spot-bitcoin-etf-in-canada/
It appears that the central issue is: "Listing exchanges have also attempted to demonstrate that other means besides surveillance-sharing agreements will be sufficient to prevent fraudulent and manipulative acts and practices, including that the bitcoin market as a whole or the relevant underlying bitcoin market is “uniquely” and “inherently” resistant to fraud and manipulation. 20 In response, the Commission has agreed that, if a listing exchange could establish that the underlying market inherently possesses a unique resistance to manipulation beyond the protections that are utilized by traditional commodity or securities markets, it would not necessarily need to enter into a surveillance-sharing agreement with a regulated significant market.21 Such resistance to fraud and manipulation, however, must be novel and beyond those protections that exist in traditional commodity markets or equity markets for which the Commission has long required surveillance sharing agreements in the context of listing derivative securities products. No listing exchange has satisfied its burden to make such demonstration.22" Seems like a catch-22. Further in the doc, a BTC ETF would bring cash volume and reduce manipulation but they want to see cash volume before approval.
Totally agree and there are obvious political factors going on behind the scenes, but we can only speculate on that until proof comes out someday. Sadly what happens in US is the main factor on how the markets will play out. Most of the important chips are here given major Eastern markets are trying to stifle crypto.
Great points again. The Futures ETF seems to be doing well in terms of cash flows and may be a positive factor down the road.