{"id":547066,"date":"2023-08-12T18:00:23","date_gmt":"2023-08-12T18:00:23","guid":{"rendered":"https:\/\/wncen.com\/?p=547066"},"modified":"2024-06-11T07:07:08","modified_gmt":"2024-06-11T07:07:08","slug":"sec-prove-bitcoin-is-not-manipulated","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/sec-prove-bitcoin-is-not-manipulated\/","title":{"rendered":"Want A Bitcoin Spot ETF? Then Prove BTC Is Not Manipulated, Says SEC"},"content":{"rendered":"

With multiple applications for a spot Bitcoin ETF already filed, many have continued to speculate when the SEC is likely to give its approval or otherwise. To further add to speculations, Galaxy Digital CEO Mike Novogratz, citing his sources, <\/span>stated<\/span><\/a> that approval was likely to come within four to six months. However, recent developments seem to suggest that the wait could be longer.\u00a0<\/span><\/p>\n

SEC Stalling?<\/h2>\n

In a <\/span>release<\/span><\/a> dated August 11, the US Securities and Exchange Commission (SEC) has moved to delay the ARK 21Shares Bitcoin ETF in a move that could be seen as a delay tactic by the regulator.\u00a0<\/span><\/p>\n

Related Reading: San Francisco\u2019s SoFi Bank Reveals Significant Holdings In BTC, ETH, And DOGE<\/a><\/div>\n

Cathie Wood\u2019s ARK Invest and 21Shares had collaborated again to refile for a spot Bitcoin ETF earlier this year after the SEC rejected previous applications. Following the standard procedures, the SEC was meant to approve or disapprove the application by August 13. However, with its latest order calling for public input on ARK 21 Shares application, this deadline is consequently extended.\u00a0<\/span><\/p>\n

With this, the general public has three weeks to give further comments on the proposal, while the SEC has another five weeks to respond to any comments it may receive. Furthermore, the SEC can choose to extend the deadline by 240 days at the maximum (a move that could potentially delay a final response until Jan 10, 2024).<\/span><\/p>\n

This news would most likely not come as a surprise to ARK Invest\u2019s CEO Cathie Wood, as she had predicted a delay when speaking to <\/span>Bloomberg<\/span><\/a> on August 7. She also forecasted that the SEC might approve multiple Bitcoin ETF applications. However, nothing is certain, as the regulator could also deny all applications as it has done in the past.<\/span><\/p>\n

\"Bitcoin<\/p>\n

BTC price finds support above $29,300 | Source: BTCUSD on Tradingview.com\u00a0<\/a><\/pre>\n
Concerns Over Bitcoin Manipulation & Regulation<\/h2>\n
While the crypto community swallows the hard pill of the SEC\u2019s latest move, some <\/span>experts<\/span><\/a> have called attention to the SEC\u2019s multiple uses of the word \u201cmanipulation\u201d in its latest release. This is worrisome, considering that the SEC had previously rejected spot Bitcoin ETF applications on the grounds of potential market manipulation.\u00a0<\/span><\/p>\n
Furthermore, the SEC\u2019s continued reference to this word may also mean that the regulator, maybe in a bid to frustrate these applications, could ask that they prove that Bitcoin is not a manipulated asset class.\u00a0<\/span><\/p>\n
Related Reading: Did XRP Price Really Hit $50 On Gemini Exchange?<\/a><\/div>\n
That will undoubtedly be a huge ask considering that, over time, there have been instances that raised speculations that the crypto market can be manipulated by major players. Furthermore, Bitcoin is a borderless and decentralized currency, and even if the SEC were to move to regulate its use in the US, the ETF market could still be manipulated by external activities from outside the US.<\/span><\/p>\n
The SEC also made raised concerns about Bitcoin not having a \u201cregulated market or significant size,\u201d something which could hinder the approval of any spot-traded Bitcoin ETF. The agency pointed out the fact that Bitcoin Future ETFs were approved because they were regulated by the Commodity Futures Trading Commission (CFTC). Meanwhile, Bitcoin isn\u2019t regulated by any agency.<\/span><\/p>\n
Featured image from iStock, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
With multiple applications for a spot Bitcoin ETF already filed, many have continued to speculate when the SEC is likely to give its approval or otherwise. To further add to speculations, Galaxy Digital CEO Mike Novogratz, citing his sources, stated that approval was likely to come within four to six months. However, recent developments seem to suggest that the wait could be longer.\u00a0 SEC Stalling? In a release dated August 11, the US Securities and Exchange Commission (SEC) has moved to delay the ARK 21Shares Bitcoin ETF in a move that could be seen as a delay tactic by the regulator.\u00a0 Related Reading: San Francisco\u2019s SoFi Bank Reveals Significant Holdings In BTC, ETH, And DOGE Cathie Wood\u2019s ARK Invest and 21Shares had collaborated again to refile for a spot Bitcoin ETF earlier this year after the SEC rejected previous applications. Following the standard procedures, the SEC was meant to approve or disapprove the application by August 13. However, with its latest order calling for public input on ARK 21 Shares application, this deadline is consequently extended.\u00a0 With this, the general public has three weeks to give further comments on the proposal, while the SEC has another five weeks to respond to any comments it may receive. Furthermore, the SEC can choose to extend the deadline by 240 days at the maximum (a move that could potentially delay a final response until Jan 10, 2024). This news would most likely not come as a surprise to ARK Invest\u2019s CEO Cathie Wood, as she had predicted a delay when speaking to Bloomberg on August 7. She also forecasted that the SEC might approve multiple Bitcoin ETF applications. However, nothing is certain, as the regulator could also deny all applications as it has done in the past. BTC price finds support above $29,300 | Source: BTCUSD on Tradingview.com\u00a0 Concerns Over Bitcoin Manipulation & Regulation While the crypto community swallows the hard pill of the SEC\u2019s latest move, some experts have called attention to the SEC\u2019s multiple uses of the word \u201cmanipulation\u201d in its latest release. This is worrisome, considering that the SEC had previously rejected spot Bitcoin ETF applications on the grounds of potential market manipulation.\u00a0 Furthermore, the SEC\u2019s continued reference to this word may also mean that the regulator, maybe in a bid to frustrate these applications, could ask that they prove that Bitcoin is not a manipulated asset class.\u00a0 Related Reading: Did XRP Price Really Hit $50 On Gemini Exchange? That will undoubtedly be a huge ask considering that, over time, there have been instances that raised speculations that the crypto market can be manipulated by major players. Furthermore, Bitcoin is a borderless and decentralized currency, and even if the SEC were to move to regulate its use in the US, the ETF market could still be manipulated by external activities from outside the US. The SEC also made raised concerns about Bitcoin not having a \u201cregulated market or significant size,\u201d something which could hinder the approval of any spot-traded Bitcoin ETF. The agency pointed out the fact that Bitcoin Future ETFs were approved because they were regulated by the Commodity Futures Trading Commission (CFTC). Meanwhile, Bitcoin isn\u2019t regulated by any agency. Featured image from iStock, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":547068,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[89109,8861,428,532,3799,84647],"class_list":["post-547066","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-21-shares","tag-ark-invest","tag-bitcoin","tag-bitcoin-etf","tag-sec","tag-spot-bitcoin-etf"],"acf":[],"yoast_head":"\nWant A Bitcoin Spot ETF? 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Want A Bitcoin Spot ETF? 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