Bitcoin fell to its lowest level in more than five weeks as jitters over the economic outlook and outflows from US exchange-traded funds weighed on the largest cryptocurrency https://t.co/yW507vwI1b
"The suspensions were just one of many ways in which the C.F.T.C., the primary regulator of a specialized sector of the financial markets, has been mowed down by the powerful business interests it is supposed to oversee, a New York Times investigation found."
How Prediction Markets and Crypto Firms Steamrolled a Watchdog Agency https://t.co/MaePTwv7bn
The ETF industry has wrapped practically everything into a ticker. Prediction markets seemed like the next frontier — until the SEC issued a memo this week delaying the launch of funds tied to election outcomes, recession bets and more. https://t.co/tEs1WsfB6l
@philbak1@SECGov Phil, you should make that case to the SEC and I will make my case why these gambling instruments have no business being listed on an exchange.
Glad to see the @SECGov hitting the brakes on prediction market ETFs. There is no reason that a stock exchange should list a prediction market ETF.
https://t.co/jbJHMjjiCf
Exchange-traded funds have been—and remain—a major driver of innovation in the securities markets. ETFs have contributed to increased capital formation and investor choice, reflected in part by the tripling of ETF assets since 2019.
Novel products raise novel questions, and I appreciate the willingness fund sponsors have shown in delaying the effectiveness of a number of novel ETFs, including event contract ETFs, while we consider the implications.
To ensure we do this in a transparent and thoughtful manner, I have instructed the staff to seek input from the public on how the Commission should respond to recent market changes.