February 10, 2022
The stated delays seem to be more about regulatory capture and less to do with actual concerns. Allowing EFT of BTC futures instead of a spot ETF just creates levels of separation for average investors who are incapable of allocating the time to understand the base technology to invest in BTC directly. Using the Guise of a futures eft being more financially stable is misleading to the older customers or less tech savvy customers looking for BTC exposure in a managed account. Investors who are comfortable with the BTC tech and risk would not be buying this ETF. It feels like another example in which a decision is being made to protect the large banks and not the individual investor. This market has been around now for a decade and the SEC refuses to provide straight answers that aren't hidden behind political and lawyer verbal gymnastics. I held the series 6 and 63, along with working at a fortune 10 bank before going on to earn my MBA and joining corporate finance and accounting. The rules you continue to enact do not make sense and they are not clear from crypto, regardless of the lies you say on tv. I should be able to apply Howey to a crypto to check it status with your guidance. The exact same way I am capable of applying GAAP or IRS section codes to my daily work to meet government requirements. The reason I cannot is because you have failed to do your job adequately. Stop delaying products to benefit the corporate banks.