Let´s be realistic here, the securities trading market
is heavily manipulated but this doesn't deter SEC from approving securities ETF.
I´d argue that the degree of manipulation in the cryptocurrency markets is even higher.
Obviously security trading is also subject to manipulation, just not to the same degree.
You don´t really believe that wash trading or spoofing are more rampant on a regulated exchange
from the US like CBOE compared to a bucket shop like BitMex that is run by a bunch
of greedy ex-bankers.
Besides, the jurisdiction of the exchanges makes a big difference. Big exchanges for security
trading reside directly in the US, which facilitates control & regulation. Meanwhile influential players
in the Bitcoin trading game like Bitfinex and BitMex are operating outside of the US.