Please don't be a moon boi.Please address tangible concerns from this rejection letter from January: https://ift.tt/2O7nfXn try to address any one of these concerns in your comments to SEC:ValuationLiquidityCustodyArbitrage (fancy word but basically there needs to be enough places to buy / sell to even out the price across exchanges)Potential ManipulationExample submission:Valuation: Futures pricing been consistent with actual Bitcoin pricing. Current Futures pricing is based on a large range of open exchanges. Arbitrage creates a checks and balance Bitcoin eco system (see Arbitrage section later).Liquidity: There are over 25+ major Bitcoin exchanges in US. Liquidity should be no problem from ETF since the purchases will be made as a combination of open exchanges and over the counter systems.Custody: Security AND Insurance are provided in current ETF proposal. Storage is spread across several ETF custodial services.Arbitrage: Between the maturity of CBOE / CME futures trading, open exchanges, and over the counter systems, there should be no concern about arbitrage to make sure price is consistent. If any particular area has a price variation, selling / buying to equalize the ecosystem is readily mature.Potential Manipulation: ETF's are the answer to market fairness. All markets have a potential for manipulation. There are 128 commodities. All capable of being manipulated by major players. What actually reduces the chance for manipulation is to increase competition among the big players. There are 1700+ ETF's in the US all competing for these commodities. Approving a Bitcoin ETF will lead the way for multiple other ETF's to join the financial ecosystem. Thereby defusing the chances of any particular financial entity from controlling the market.EDIT (Thanks Envy7)This is origin letter from CBOE as well which is the current submission to SEC. A lot of similarities to my summary example above:https://ift.tt/2NDUwZ8
Submitted July 23, 2018 at 12:01PM
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