I do believe their concerns about market manipulation is a mask for a deeper concern. Unlike regular commodities, like oil or minerals, which act as supplements to the economy; cryptocurrencies aim to subvert, and change the financial system altogether.
Trying to upend traditional financial instruments, that have controlled humanity's economy for the past couple of centuries, won't be an easy task, and there will be people keen to try and stop it.
I think the SEC knows full well, that the impact or cryptocurrencies are more capable and far-reaching, than singular markets such as fossil fuels or precious metals. It will put into question, the viability of the US Dollar, the single greatest asset of the US economy.
That said, the cryptocurrency industry is relatively new-born, compared to other instruments such as oil, diamonds, or tungsten, that are at least or around 100 years old. Needless to say, I do think regulators will take their time to make a firm decision...
Yep, that seems like a big part of it. Just the concern of market manipulation doesn't really make sense in a vacuum.
I hear the SEC is taking a second look into Bitwise's ETF application. So, perhaps the SEC has reneged themselves on that principle?
Do you have a link?
I saw it first on CoinTelegraph. Apparently they're going to review their rejection, but no solid reasoning was given as of yet.