Gary just said
BITCOIN ISNT A SECURITY
SO WHAT IN GODS NAME ARE YOU
WAITING FOR GARY ENLIGHTEN ME
Discussion
Not a security, not a commodity m, then wut?
They are not mutually exclusive. Commodities are a subset of Securities. ETFs are considered securities because they are financial instruments that derive their value from the underlying commodity. These securities are subject to SEC regulation.
I'm not saying the process isn't corrupt. And I'm not saying they won't cave. I think the biggest holdup initially was that it was just Grayscale, and it would have left them defacto monopolising a relatively small market. I would hope the SEC gives everyone the green light at the same time, and lets them compete to give out the best product.