However, In order for an ETF to get approved, the SEC needs to deem the asset to be regulated and not subject to anonymous manipulation. Obviously, Bitcoin can be manipulated easily by anonymous people, as most of the largest Bitcoin exchanges out there are not US based and therefore don't have KYC/anti-money laundering requirements.
This is why the last proposal was rejected and it's why future proposals are likely to be rejected as well.
Does that KYC procedure on exchange have the biggest impact on ETF approval? Actually i see that many even most of the exchanges have had KYC procedure especially for big capital users.
Do you think this will affect the current pending ETF approval?