The United States Securities and Exchange Commission has once again refused a proposal of creating an ETF backed by Bitcoin. The NYSE Arca and Bitwise Asset Management’s proposal could not satisfy the concerns of the SEC. The SEC has concerns regarding digital currencies and systemic market exaggerations.
SEC rejects ETF proposal because of market manipulation
On Wednesday, the SEC indicated that the rejection does not depend on whether BTC has value or utility as an investment. They rather indicated that it resulted from the failure of NYSE Arca to show that the proposal was consistent with the requirements of Exchange Act Section 6
Recently CNBC’s Bob Pisani pointed at the issue of custody of Bitcoin and market manipulation as the impediments to having a
Brian Kelly feels that crypto markets don’t need an ETF for now
CNBC’s Brian Kelly holds a different perspective, and he says that crypto markets do not need an ETF to grow. Kelly is also the CEO and founder of digital assets management company BKCM LLC.
According to Kelly, despite most of the BTC trading occurring abroad over the past years, there is still considerable development in the US. He says with the entry of Ameritrade and Fidelity in the