Representatives of VanEck, SolidX and Cboe BZX Exchange again tried to convince officials from the US Securities and Exchange Commission (SEC) that the cryptocurrency market is ready for bitcoin-based funds (ETF). It is reported by CoinDesk .
Companies drew the attention of the Commission to the fact that the cryptocurrency market is already mature enough to launch new products. So, supporters of financial innovations noted that the products they offer are not much different from the tools already on the market, including ETFs based on oil, gold or silver.
“By analogy with commodity derivatives, the spot and futures prices of Bitcoin are closely interrelated ,” added the representatives of the firms, stressing that such a link indicates “efficient capital markets”.
Representatives of the companies also expressed the opinion that the Bitcoin ecosystem is “less subject to manipulation,” unlike other financial products based on commodities. For example, insiders of the traditional market may be the first to know about the discovery of a new field, which may in the future affect the supply of goods, putting pressure on the price.
Thus, companies are confident that the cryptocurrency ecosystem is less susceptible to the problem of information asymmetry.
“The connection between the bitcoin markets and the presence of arbitrageurs on them suggests that the ability to manipulate Bitcoin on a global scale is required to effectively influence the price of BTC at any particular site. Therefore, Bitcoin is no more subject to manipulation than any other exchange-traded product , ”added VanEck, SolidX and CBOE representatives.
Also during the conversation, ETF supporters reminded the SEC about the CBOE-developed matching engine and the MVIS Bitcoin US OTC Spot Index from VanEck .
Recall the other day the head of the SEC Jay Clayton said that Bitcoin-ETF will not be approved until the problem with market manipulation is solved.
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