The Crypto Conundrum report is a detailed analysis of the investing community’s pursuit of – and the SEC’s increasingly unjustifiable unwillingness to approve – a spot bitcoin ETF.
The report demonstrates that the SEC has imposed regulatory hurdles unique only to bitcoin on applicants for a Bitcoin ETF. And while issuers and other industry participants have addressed and mitigated the concerns identified in the SEC’s denials, it continues to arbitrarily reject every application. Meanwhile, U.S. retail investors are denied access to regulated bitcoin products and limited to direct bitcoin investments which don’t provide the investor protections that come with typical financial advisor relationships and the SEC’s registration and disclosure framework. The conclusion is that the SEC’s ongoing denials are based not on the enumerated concerns, but, instead, reflect a larger political agenda to obtain the ability to regulate the exchanges and platforms on which bitcoin trades – an authority not currently vested with the SEC.