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?
They just think they do. Just because there are multiple ways of checking gold's price does not mean that the market cannot be manipulated.
The SEC is just living in a fool's world.
I think it is actually even worse than this. The SEC pretty much confirmed that A) the major of bitcoins out there is unknown and already in the hands of people that they can't control, and B) the exchanges and thus the people involved can't be "surveiled" and tracked.
If you look at all that jargon in reverse, what they're basically saying is that ANY SEC-approved, market-traded financial instrument is both a) rigged against the masses, and b) surveiled and controlled.
Yeah but we already knew that.