US ETFs are regulated assets trading on regulated exchanges, holding or linked to other regulated assets on regulated exchanges. Regulations all the way down.
The whole crypto space has been trying to have it both ways and get the veneer of well regulated assets on regulated exchanges, without having to face any regulation on the spot or spot exchanges themselves.
It is akin to me deciding to start an ETF in the US, listed on NYSE, linked to Topps baseball cards which I trade on eBay and hold in a vault in my moms basement. Not gonna fly with the SEC.
The whole crypto space has been trying to have it both ways and get the veneer of well regulated assets on regulated exchanges, without having to face any regulation on the spot or spot exchanges themselves.
It is akin to me deciding to start an ETF in the US, listed on NYSE, linked to Topps baseball cards which I trade on eBay and hold in a vault in my moms basement. Not gonna fly with the SEC.