According to the details given in the update Cboe BZX Exchange, Inc (termed as exchange) has presented some strong arguments and given its view as to why it is difficult to manipulate Bitcoin prices and markets. According to the exchange’s arguments, the geographically diverse and continuous nature of bitcoin trading makes it difficult and prohibitively costly to manipulate the price of bitcoin.
It also further states that the fragmentation across bitcoin platforms, the relatively slow speed of transactions, and the capital necessary to maintain a significant presence on each trading platform make manipulation of bitcoin prices through continuous trading activity makes the price manipulation further difficult. Considering these facts, the exchange concludes the Bitcoin market is generally less susceptible to manipulation than the equity, fixed income, and commodity futures markets.
Despite already receiving more than 1,400 comment letters on a proposal to list an ETF from Van Eck Securities Corp. and SolidX Management, the Securities and Exchange Commission is inviting more feedback, the agency said in its new order which was issued with respect to the Bitcoin ETF.
Those who wish to comment have 21 days after the SEC’s order is published in the Federal Register, while rebuttals have 35 days from that date. The agency is seeking views on market manipulation — including whether Bitcoin is less susceptible to manipulation than other commodities that back exchange-traded products — as well as surveillance.
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