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It’s been a few months now since the SEC Market Structure Proposal comment letter period officially closed but that hasn’t stopped the major exchanges from trying to convince the SEC not to go forward on certain parts of the proposal. For example, Nasdaq has met with the SEC at least three times since the comment period ended and has also just file another comment letter trying to convince the SEC not to lower the access fee cap. We were disappointed with the disrespectful tone of Nasdaq’s letter particularly towards the SEC and fellow commenters. Nasdaq begins their comment letter by saying that the
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We’ve written in the past about our concerns with a spot bitcoin ETF. To date, the SEC has still refused to approve a spot bitcoin ETF primarily due the lack of a “comprehensive surveillance-sharing agreement with a regulated market of significant size”. In other words, the SEC doesn’t seem to trust the underlying bitcoin exchanges. Considering the recent events at some of the large crypto exchanges, we think it’s safe to say that the SEC is correct in their suspicions. However, for some reason back in October 2021, the SEC allowed a futures-based bitcoin ETF to list and begin trading. This
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