SEC repeatedly rejecting spot ETF while approving Futures is a blatant attempt to grab regulatory authority. The SEC is not acting in the interests of the people it is sworn to protect

Just now the SEC rejected the Fidelity spot ETF application, with the usual concerns about manipulation.

How can the spot ETF suffer from manipulation risk when the SEC themselves allowed the futures ETF which according to them doesnt suffer from manipulation? Both of them are the same market.

Lets say US retail and institutions, who the SEC wants to protect, have invested in BITO.. and over the weekend when BITO isn't traded, someone unknown to the market borrows a ton of money and also dumps million BTC on Bitfinex and crashes the price. Manipulation.. probably? But it doesn't make BITO free from manipulation, on Monday when it trades, BITO will just follow the spot price and dumps as well.

Even BITO would be manipulated.

So manipulation in spot - the SEC must protect, but manipulation in CME futures as a result of spot manipulation is fine? How does it even make sense?

"Manipulation" bs is just a big smokescreen to hide what the SEC really wants..

The real reason is that the SEC wants to control and exert authority over spot exchanges. Thats what DADDY gensler wants, and this is all soft power play from a corrupt regulator acting in his own interest, not in the interest of the people. Spot exchanges unless they are trading securities are not under the purview of the SECURITIES exchange commission. Bitcoin is not a security, and does not fall under SEC"s purview under any stretch of mental gymnastics. Bitcoin futures have already been held as commodities. It literally makes zero sense that CFTC regulates Bitcoin futures, but SEC regulates spot.

Yet, the SEC is trying to arm twist both the people and Congress to give regulatory authority over spot exchanges to the SEC.

A regulator must act in the interests of the people, not in the interest of the office. A regulator cant make power play so that the regulator gets more authority from Congress.

Imagine if the last mile electricity supply company cut off power supply to the city because they dont have the authority to fix prices? Everyone would be up in arms.