How is it possible that the SEC let CME Bitcoin futures without using Bitcoin?

[CryptopieceOfficial]

It doesn’t make sense to have paper bitcoin when the asset is digital. It makes a little bit of sense (but not much in my mind) to have paper markets for things that can’t be moved around easily or quickly like Gold and Uranium. Essentially what we have is a betting market and not actual market value of Bitcoin because it’s not even being used!

[franky1]

its simple

regulators hate it that they have to regulate, audit, investigate, prosecute. they prefer to set the rules and then make the licenced business:
create the policy the business has to follow to remain inline with regulation
investigate its customers
audit its finances via the business paying for auditors


so 'futures' because it doesnt involve having 'holdings' to back the contracts(gambling) of assets it offers to bet against, means that the SEC doesnt have to keep checking audits/investigate that a business is 100% backed all year
but things like ETF however mean that the SEC has to do extra checks and monitor such businesses

the better way to succeed getting accepted for anything new with the SEC is to organise things so that you can desplay that your business is not going to cause any inconvenience to the SEC

put it into prospective
if you only have 4000 employee's and 26,000 money service businesses to monitor.. let alone the ones not licenced or regulated
or imagine you as one person had to deal with all the paperwork, meetings, audits, and reports of 7 businesses. wouldnt you want to avoid the ones that would waste your time because you have to spend weeks auditing their books and vouching for them endlessly.