BTC ETF 通过背后的法律监管逻辑

After ten years of hard work, the road to approval finally ushered in the dawn of victory. In the early morning of March, the Securities and Futures Commission of the United States passed the spot, including and all of which should be attributed to the victory. On March, a ruling of the US federal court won the lawsuit against refusing to apply for spot, which accelerated the application process of traditional financial giants in the past few months. This paper will see the change of attitude after winning the case from the perspective of legal supervision, and actively identify the risk of market manipulation. And the subsequent cautious statement that other encrypted assets are securities, suggesting market risks. A court ruling allowed the initiative to speed up the examination and approval process. Previously, the reason for not approving the application was that it was worried about market fraud and manipulation. All rejected applications were based on the securities law, which was used to protect investors from market fraud and manipulation. Futures trading was first allowed in and it was said that futures products were more difficult to be manipulated because the market was based on the futures price of the Chicago Mercantile Exchange and Chicago commodities were traded. In the case supervised by the US Commodity Futures Trading Commission, the logic of futures approval should be equal to the logic of spot approval, otherwise all futures applications should be revoked. The judge agreed that the rejected application was arbitrary and unfounded because it failed to explain how it handled similar products differently. The court considered that this administrative act of differential treatment violated the request agreed by administrative law, and the attitude of rejecting the application was completely changed from passive disapproval until after the case. Turn into active review and indicate in the approval document on the page that II tells us where the risk lies. As a long-standing compliant financial product, there is no legal obstacle, and it is also regulated by the United States, especially the only asset defined as non-securities. Then tell us in the approval document on the page where the risk comes from the uncontrollable underlying asset trading market, that is, the manipulation risk of the spot market. Although each has the risk of monitoring the futures market with a compliant regulatory exchange, such as signing a monitoring and sharing agreement, the spot book Futures, which are not covered by trading monitoring, are already compliant products, so it is proved that the price correlation between spot and medium futures is the best choice. By comparing this with the correlation between the prices of two encrypted exchanges and futures prices since 2000, it is found that they are highly correlated, which means that if fraud or manipulation occurs in the spot market, these behaviors are likely to affect the futures market and be detected by the monitoring system, so that supervision can enter the market of controlling risks and three spot markets. The market manipulation risk of manipulating the spot market mainly comes from the transactions of market makers or market participants. If American supervision can cover the supervision, then the risk can be relatively controlled. For this, the American supervision method is to blow up the largest transaction volume by landing supervision and compliance coverage and the two encrypted exchanges at the same time, and smoothly settle in and comply with the control. Four neutrality and caution are based on whether the rules submitted by the State Stock Exchange comply with the Securities Exchange Law and its regulations. The bank's evaluation includes whether it aims to protect investors and public interests, whether it has passed the spot at the same time in the early morning of the month, and more importantly, the statement in the press release. This approval is limited to those who hold a non-securities commodity. It should never indicate that they are willing to approve the listing standards of any other encrypted assets, nor does it indicate their views on the status of other encrypted assets according to the securities law or the current situation that some encrypted assets market participants do not abide by the securities law, as I said in the past. Most encrypted assets are investment contracts, so they are governed by the securities law. Although they are neutral, I want to point out that the underlying assets in precious metals are used for consumption and industry. In contrast, they are mainly speculative and volatile assets, which are also used in many illegal activities, including extortion, money laundering, evasion of sanctions and terrorist financing. Although we have approved the spot listing and trading today, we have not approved or recognized that investors should be cautious about products related to encrypted assets. The qualitative speech of encrypted assets is very clear. It is not that the risk of the securities market can be controlled and other encrypted assets can be approved. It is another story that has nothing to do with whether to approve or not. This still goes back to the question of what kind of encrypted assets are securities that has been avoided so far. This is a regulatory compliance issue for the three largest exchanges and a political game that requires the US judicial legislature to respond. It has always been the leader of the struggle, and it is incumbent on the judge to shoulder this burden. In the previous case, it was directly referred to as a commodity. Considering the judge's response to whether the encrypted assets were securities or not, this situation was not decided by the court, but by the Congress, which threw the ultimate question to the American legislature. However, the legislative process of this Congress will be very long, and the election year will be worth looking forward to. No matter how the show is passed, it is of great historical significance, so that we can also be in it with the dream of getting rich overnight with encrypted punk ideals as a torrent of history. Adding a strong bright color, as Wang Chuan said, looking back after the significance of the world monetary history, may be comparable to the system in which Nixon announced the decoupling from gold on January and unified Germany and led European countries and the United States to join the gold standard in a few years. 比特币今日价格行情网_okx交易所app_永续合约_比特币怎么买卖交易_虚拟币交易所平台

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