that all makes a bunch of sense to me. even if they loved the idea, if they don't have the info to do their job then they're obligated to say no.
the SEC's "reasoning" is more of a lame excuse then anything else.
chinese exchanges are in the process of being regulated
all the major USD exchanges fallow KYC/AML regulations, a lot of them have a "bitlicense"
Gemini itself has a STUPID FUCKING bitlicense.
If there job is to "protect investors" one good way they could have done that is by allowing an ETF.
we expected a fair assessment, and they fucked us.
I think you were expecting way too much.
The SEC like any regulator of anything wants to be able to see what is happening in a market so that bad things can be stopped etc. It is correct in its assessment that bitcoin is still the wild west so it is no surprise it has rejected the ETF. Most of us expected this judging by the comments posted on the forum over the last few months.
Since they seem to reject Gemini as a market (as the report author mentions) then it seems the Winklies ETF may be fundamentally doomed. And as Bitcoin is unlikely to agree to become more regulated anytime soon and since one of the key reasons many people buy it is because they hate centralisation etc. then we should not be expecting anyone's ETF to be approved for a very long time if ever.
its not like its 2014 anymore.
exchanges only really started paying serious attention to KYC/AML 2 or 3 years ago
like i say exchanges like coinbase have gotten the appropriate bitlicenses.
and i'm sure most of them have jumped through all kinds of regulatory hoops all over the place.
sure the chinese exchanges are playing catch up just now, but wtv..
an ETF might have become the price setter pretty quickly... and having that exchange answering directly to the SEC, would have gone a Long way into providing a safe regulated bitcoin market.
they didn't make this decision with the best interest of the investor in mind, they had orders from the illuminati!
