A Dozen Reasons the SEC Should Have Approved Grayscale’s Bitcoin Spot ETF

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The main argument in favor of approving a spot bitcoin ETF, at least for now, is that the SEC’s concerns about manipulation are literally inconsistent – ​​and possibly in violation of procedural law. administrative, such as Sigal Mandelker and Jessi Brooks of Ribbit Capital writing. The agency has previously approved exchange-traded products that use bitcoin futures, in particular NYSE Arca’s proposal to list and trade Teucrium Bitcoin Futures Fund shares and Nasdaq’s proposal to list and trade shares of the Valkyrie XBTO Bitcoin Futures Fund. Both funds provide “surveillance sharing agreements” designed to prevent manipulation, which the SEC says every one-time BTC app lacks.

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