Reasons why SEC will never approve of a Bitcoin ETF
SEC has already rejected Bitcoin ETF a couple of times now and for a good reason. Read about it here:
Yes, SEC won't accept a Bitcoin ETF, because Bitcoin is not based on a specific jurisdiction and Bitcoin markets are not regulated in any way.
It is common knowledge now that Bitfinex fraudulent Tether issuance corresponds with price jumps of Bitcoin. They literally pump the market by issuing fake Tether tokens and wash trading, layering on their own exchange.
Even once they are shut down and go down as MtGox 2.0 any other exchange can just register in one of plenty offshore jurisdiction and continue spoofing and pumping the price.
There is no way to enforce regulations for this since Bitcoin is a decentralized asset. In fact, it is not even illegal to do this. You can go tomorrow, register a BVI, Seychelles, Gibraltar, Hong Kong, Isle of Man, Cyprus or company and start your own crypto exchange, spoofing the assets to hell and back. It is not even illegal to do this.
If US has any problems the exchanges simply block US residents from registering. Done deal.
You have to understand that there are many offshore jurisdictions who earn their money by registering shady internet and money laundering companies. Most Bitcoin exchanges are registered in such jurisdiction and believe me, British Virgin Islands does not care if you spoof and pump a decentralized asset on a mysterious crypto exchange.
This is the single reason why a Bitcoin ETF will NEVER be approved. You really think that pension funds should invest into an asset which is easily manipulated by some shady offshore exchanges without a telephone number? Nope!
Feel free to prove me wrong though. Only arguments please, no ad hominems.
[link] [comments]
Read More
