GRAYSCALEβΌοΈ The regulatory treatment of spot #BitcoinΒ ETFs is rooted in a double standard.
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Discussion
Until they eliminate wash trading. Spot BTC ETF doesnβt make any sense
You mean it doesnβt make sense for the government, right?
I never thought about the AML implications (good explanation of βwash tradingβ at https://thebitcoinmanual.com/articles/btc-spot-etfs-get-rejected/) but that concern is sorta moot with coin joins, isnβt it??
Imagine you acquire a good amount of BTC, you go to a stock exchange and buy a big block of BTC ETF stocks and then send your BTC back and forth between addresses you control for higher and higher prices and cashing out on the stocks, rinse and repeat on the downside
How does selling to yourself increase the market price? Thereβs no net impact on supply or demand.
If grayscale actually cared about itβs shareholders, they would have lowered the fees a long time ago which would help reduce to huge discount to NAV. They are happy to have this fight with SEC get drawn out further so they can keep collecting their outrageous fees to the tune of about $200M annually
Why canβt some other company come along and undercut them?
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ahem, #[4]