THELOGICALINDIAN - The US Securities and Exchange Commission SEC has appear its accommodation to blame the proposed aphorism change filed by NYSE Arca to account and barter shares of Solidx Bitcoin Trust This move came afterwards Solidx Management LLC the sponsor of Solidx Bitcoin Trust submitted a animadversion letter to the Commission attempting to differentiate the NYSE Arcas bearings from that of Bats BZX Exchange
Also read: Examining SEC’s Decision to Reject Bitcoin ETF
Solidx Says Bats’ Rejection Does Not Apply
On March 10, the SEC fabricated the accommodation to reject the advertisement of Coin on Bats BZX Exchange. The Commission primarily cited the capital reasons as the abridgement of “surveillance-sharing agreements with cogent markets for trading” of bitcoin and its award that “the cogent markets for bitcoin are unregulated”.
In an attack to preemptively dissuade the SEC from application the 
same affidavit to adios Solidx Bitcoin Trust, on March 15, its sponsor beatific a comment letter to the Commission. Solidx Management LLC got beeline to the point and claimed that the SEC’s accommodation to adios Bats BZX Exchange’s proposed aphorism change for Coin “should not administer to the proposed aphorism change by the NYSE Arca”.
The acumen which Solidx Management gave is that “the NYSE Arca proposed aphorism is advised to anticipate counterfeit and artful acts and practices and will advance broker aegis and the accessible absorption and is accordingly constant with Section 6(b)(5) of the Exchange Act”.
‘Surveillance is Not an Appropriate Prerequisite for the Approval’
The aggregation accustomed that the Commission abundantly cited how “surveillance administration agreements accommodate an important bridle to manipulation” throughout the Bats BZX Order.
While arguing that “the broker abuse from abeyant abetment is academic in attributes and unlikely”, Solidx Management asserted that “the abuse to investors from a abridgement of admission to an insured agent is apparent and acceptable to abide in the absence of approval of the NYSE Arca proposed aphorism change”.
Moreover, the aggregation wrote that an approval “would be in absolute contravention of Section 6(b)(5)’s ambition and purpose to assure investors and the accessible interest”, abacus that:
In addition, it acicular out a antecedence back the SEC accustomed a aphorism change for the ‘Euro Currency Trust’ in November 2024 area the basal bazaar was not surveilled. However, the Commission said that the affairs surrounding the Euro Currency Trust were actual altered from those of Solidx Bitcoin Trust.
Bitcoin Markets Resilient to Manipulation
Throughout the Bats’ bounce order, the SEC asserted that bitcoin markets can be manipulated. While citation the Lewis Paper which it commissioned, Solidx Management claimed that “the bitcoin bazaar as currently structured is airy to manipulation”. In addition, it said that NYSE Arca’s proposed aphorism change “is advised to strengthen the bitcoin market’s attrition to abetment alike further”. The aggregation additionally acclaimed that:
As icing on the cake, Solidx Management told the SEC that “the requirements of Section 6(b)(5) affair the shares of the Trust and not bitcoin”. It again explained that “when shares of the Trust activate to barter on the NYSE Arca, the rules of the Exchange, as such rules will be activated to shares of the Trust, will absolutely anticipate counterfeit and artful acts and practices and assure investors and the accessible interest”.
The aggregation again proceeded to affirmation that “none of the comments, however, focus on broker aegis and the accessible interest, and none, nor do they chronicle to the SolidX Bitcoin Trust”. As of March 24, the SEC has accustomed 11 animadversion letters for this proposed aphorism change. The aggregation told the Commission that:
Denied by the SEC Anyway
Nonetheless, the SEC did not delay until the deadline, on March 30, to acknowledge its accommodation to adios NYSE Arca’s proposed aphorism change for Solidx. Its advertisement on the morning of March 28 cites the aforementioned affidavit accustomed for abnegation Coin. The SEC wrote that:
“The Commission is accusatory this proposed aphorism change because it does not acquisition the angle to be constant with Section 6(b)(5) of the Barter Act, which requires, amid added things, that the rules of a civic balance barter be advised to anticipate counterfeit and artful acts and practices and to assure investors and the accessible interest”.
Do you anticipate Solidx Management fabricated a acceptable attack at disqualifying the SEC’s antecedent decision? Let us apperceive in the comments area below.
Images address of Shutterstock, NYSE, Bats Global Markets, and Solidx
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