SEC’s Blind Eye to Shopify’s Stock Manipulation Highlights Its Double Standards

SEC’s Blind Eye to Shopify’s Stock Manipulation Highlights Its Double Standards

There’s no denying that the crypto market has matured greatly over the last couple of years. This is best illustrated by the growth in the industry’s capitalization from $250 billion to over $2.2 trillion since Q1 2020. On the heels of this meteoric growth, many experts had projected the market to be flooded with bitcoin exchange-traded funds (ETFs) by now.

However, contrary to these expectations, the last six months have seen the U.S. Securities and Exchange Commission (SEC) repeatedly reject several applications for spot bitcoin ETFs. In this regard, the regulatory body has refused applications submitted by many mainstream entities, including NYDIG, Fidelity, First Trust, VanEck, and WisdomTree.

According to the SEC, all applications submitted were incomplete. The regulator pointed out that the submissions fell short of the government’s requirements. The guidelines are meant to prevent fraudulent and manipulative practices needed to protect investors.