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https://warpcast.com/~/channel/law-policy
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adamsnyder.eth
@adamsnyder.eth
1/2 For those who believe that the SEC will deny the ETH spot ETF in May, what is your best guess as to the SEC’s justification for the denial? Personally, I don’t see a plausible justification. The SEC already approved ETH Futures ETFs, so I don’t see how they justify denying a spot ETF of the same product.
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CryptoTaxGuy 🎩
@cryptotaxguy.eth
Less robust and mature futures market; greater volatility and perceived manipulability; transition to proof of stake raises centralization risks.
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adamsnyder.eth
@adamsnyder.eth
Thanks. And sorry if I'm misunderstanding, but wouldn't each of those reasons apply to the futures ETF? They seem like totally valid reasons to deny an ETF, but I just don't understand how to square the approval of the futures ETF with a denial of the spot ETF.
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CryptoTaxGuy 🎩
@cryptotaxguy.eth
there's a perception that futures markets are less subject to manipulation, easier to regulate, more stable, and generally safer (e.g., no custody concerns).
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dfi
@dfi
I'll add that "mom and pop" aren't typically seen as investing in derivatives, so there exists a strong narrative / public opinion argument as well.
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adamsnyder.eth
@adamsnyder.eth
A strong narrative/public opinion argument that "mom and pop" shouldn't be able to buy ETH? Not sure how the SEC would argue that since retail can buy on Coinbase, Venmo, Robinhood, ETHE, etc. It also seems to directly contradict the court's reasoning in the GBTC case.
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