Then I thought about the real reasons why the SEC would want to stop institutional investment in Bitcoin and this is what I came up with :
1. If they allowed Bitcoin ETFs, investment capital will move from traditional ETFs
2. Nasdaq's SMARTS Market Surveillance systems control and monitor everything and these exchanges might not run this software.
3. The puppet masters do not want the "Average Joe" to play with the big boys.
4. Political influence < Pressure from the people who are funding politicians careers, eg. Banks>
Let's discuss the real reasons why the regulating authorities would want to stop institutional investment in Bitcoin.