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Yes, but it is almost happenstance that the SEC gets a say on these at all. The US stock markets are largely permissionless from the regulatory perspective. Th
by vmception 5y ago
Yes, but it is almost happenstance that the SEC gets a say on these at all.
The US stock markets are largely permissionless from the regulatory perspective. The SEC is not in place to make a judgement on the merit of an asset. But when you operate a fund, with a fund manager, that takes custody of retail assets, now they are in a gatekeeping position. Its a combination of Acts that never envisioned “ETFs” at all, let alone “digital asset commodity exchange traded products”
So the laws have to be updated to get them back out the way. The SEC itself had a comment period on this but it was largely missed.
- JumpCrisscross 5y ago> US stock markets are largely permissionless from the regulatory perspective By default, every securities transaction in the U.S. requires SEC approval [1]. There is a long list of exemptions, a list which the SEC maintains, that permit e.g. the private markets. In this sense, the U.S. took an ersatz European regulatory approach. It is obsessively permissioned. It was a drastic response to a drastic crisis--Black Thursday and the Great Depression. [1] https://www.govinfo.gov/content/pkg/COMPS-1884/pdf/COMPS-1884.pdf https://www.govinfo.gov/content/pkg/COMPS-1884/pdf/COMPS-188...
- vmception 5y agoThe exceptions are the rule But less vague, “approval” doesnt mean judgement was pased and gatekept, approval means that disclosures are made and investors can make their own decisions with that level of disclosure. And then there are exceptions to that where the SEC gatekeeps and likes that power