Some of the SEC's objections to Bitcoin ETFs revolved around the possibility of market manipulation due to the markets being small, unregulated, and overseas. I

Some of the SEC's objections to Bitcoin ETFs revolved around the possibility of market manipulation due to the markets being small, unregulated, and overseas. If the index is constructed in a way that resists manipulation by unregulated overseas exchanges, and if it is used as the basis for other products like options in regulated domestic markets that gain significant trading volume, then it could go some way toward addressing the SEC's concerns.