We have been writing a lot lately about the potential for a bitcoin ETF because we think this is another pivotal market structure issue.  Our position is clear: we think approval of a bitcoin ETF would be a mistake since many of the underlying exchanges where bitcoin trades are unregulated and not under the jurisdiction of US regulators.  We have followed this story closely, not because we are cryptocurrency experts, but because we see a disaster in the making and we want to make our voices heard before it’s too late. Apparently, the SEC agrees with many of our bitcoin ETF concerns and yesterday (more…)

  After getting rejected by the SEC last year, the Cboe BZX Exchange (formerly known as BATS) is leading the latest attempt to get a bitcoin ETF approved.  They have just filed with the SEC to list four new bitcoin ETF’s: the REX Bitcoin Strategy ETF, the REX Short Bitcoin Strategy, the First Trust Bitcoin Strategy ETF and the First Trust Inverse Bitcoin Strategy ETF. In their rejection of the Winklevoss ETF last year, the SEC noted the lack of surveillance of the underlying, unregulated bitcoin markets as one of their main areas of concern: “Based on the record before (more…)