I find it strange that they did not accept the ETF because they could not regulate every bit of it.
How do they regulate all of the gold in the world for the GLD ETF?
Isn't it, the flow and the exchange of gold, that is regulated, and not the gold itself? Crypto's rails and ramps just aint mature enough, i guess.
Maybe they didnt feel confident, they had a reasonably good understanding how to quantify this brave new value system. Certainly a few, computer-says-no moments, on their legacy protocols.