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In New Letter, SEC Has 5 Questions For Anyone Who Thinks They’re Going To Launch A Bitcoin ETF
Ok, so the SEC has just posted a letter which, as Bloomberg's Eric Balchunas†puts it, reads like some kind of final exam for anyone hoping to sneak a cryptocurrency ETF past an old schoolmarm.
Earlier this month, the SEC disappointed the hordes of rabid retail investors hankerin' for a chance to throw their money at a liquidity-mismatched nightmare tied to an inherently worthless underlying non-asset by forcing multiple fund companies to withdraw their applications for Bitcoin ETF
But, seriously, if they allow BDC’s and CEF’s that are basically laundry machines designed to drain investor principal over time – what’s the difference? Just a matter of time – lose it quick or lose it slow.