Is the SEC's way of regulating really protecting consumers?
a bitcoin exchange-traded fund proposed by Van Eck Associates Corporation that would have directly tracked bitcoin’s spot price movements.
In the rejection, the SEC said Cboe had not met its burden under the Exchange Act and the Commission’s Rules of Practice to demonstrate that its proposal is consistent with the requirements of Exchange Act Section 6, in particular, 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’s reason for rejecting the Winklevoss ETF and more subsequent applications has been rooted in the Commission's concerns over fraud and manipulation in the bitcoin market. The SEC states on their website that the Commision “strives to promote a market environment that is worthy of the public’s trust and characterized by transparency and integrity” and its mission “is to protect investors; maintain fair, orderly, and efficient markets; and facilitate capital formation.
Approving a physical Bitcoin ETF would arguably offer better protections than what’s available on the markets today.”How Bitcoin Futures Products Made It Through
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