The core argument in favor of approving a spot bitcoin ETF, at the very least right now, is that the SEC’s issues about manipulation are actually inconsistent – and probably in violation of the Administrative Process Act, as Ribbit Capital’s Sigal Mandelker and Jessi Brooks wrote. The company has already permitted exchange-traded merchandise that use bitcoin futures contracts, significantly NYSE Arca’s proposal to listing and commerce shares of the Teucrium Bitcoin Futures Fund and Nasdaq’s proposal to listing and commerce shares of the Valkyrie XBTO Bitcoin Futures Fund. Each of the funds present “surveillance-sharing agreements” designed to stop manipulation, which the SEC says each spot BTC utility has lacked.
