The SEC's reasoning for not allowing a spot BTC ETF is that you can't trust the markets it trades on and more importantly for them, they can't go and subpoena t

The SEC's reasoning for not allowing a spot BTC ETF is that you can't trust the markets it trades on and more importantly for them, they can't go and subpoena the trader information from, say Binance, if they think there is market manipulation going on iwth the spot price of BTC. They can do that with leveraged and meme ETF's so those same reasons don't hold.