It's not looking good for Bitcoin ETFs after the recent action against Gemini.
self-certification that the new product complies with CFTC regulations and is “not readily susceptible to manipulation.” In very general terms, the SEC has concluded that these Bitcoin Futures ETFs are protected against manipulation enough to justify allowing their trade on securities exchanges.
The current action against Gemini arises out of conduct that allegedly occurred in 2017 and 2018, when the CFTC was evaluating the Gemini Bitcoin Auction . The very fact that a major U.S. crypto exchange that positions itself as having a record of regulatory compliance appears to have been lying in its communication with regulators further bolsters the SEC view that crypto markets are rife with fraud and subject to manipulation, and therefore, that we are not ready for Bitcoin ETFs.
on crypto crime. This report documents a clear decrease in fraud and abuse as a percentage of all crypto activity.to report that the dollar value of crypto fraud has risen significantly. It is perhaps understandable that news sources will frame stories in terms that are likely to gather the widest audience, and it is clear that $14 billion being stolen by scammers is a splashier headline than noting that crypto crime as a percentage of illicit transactions dropped to a remarkable low of 0.
What is somewhat surprising, however, is the extent to which the “crypto is for criminals” narrative continues to be emphasized by some regulators, particularly in the SEC. SEC chair
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