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Why Does the SEC Continue Rejecting Bitcoin ETFs?
The SEC rejected Grayscale’s application for a Bitcoin Exchange Traded Fund. The SEC has denied over a dozen spot Bitcoin ETF applications. Let’s try figuring out what is going on here.
Like millions of others, I’m a big fan of Martin Scorcese movies. In several of his mafia-themed films, there’s a scene where gangsters murder someone and bury the body in the middle of the desert or someplace deep in the woods. The hole digging is arduous and shows the darker side of being a gangster in a movie that mainly glorifies the career. The idea of burying the body in a remote place is to make the body disappear, and the victim will forever be “missing.” After the SEC’s most recent denial of a spot Bitcoin ETF by Grayscale Trust, I think the SEC wishes they could take Bitcoin to a desolate location and let it sleep with the worms.
I am not an attorney. I’m not a financial advisor. I’m probably a lot like you, except I have decided to dive down the cryptocurrency hole a little more than the average investor. In this article, I want first to identify the hypocrisy of the SEC on this matter and postulate reasons why they continue denying a spot Bitcoin ETF.
