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2 issues here. Cryptos & the SEC mode of operation.
I was pointing to the "Exemption" racket by deliberate misnaming the SEC. So, make tough rules and then grant exemptions one by one, then hundreds, even thousands - unlike IRS Letters or Rulings that are almost treated as added rules.
So, the SEC allowed eTFs to operate for 30+ years as exemptions for the mutual fund rules - when those were written in 1930s and 1940s, nobody had heard of, or imagined, eTFs. Only a couple of years ago, the SEC had new and formal rules for ETFs - it should have had those in 1990s.
This ad-hoc way of operation by the SEC is becoming a joke - and the cryptos are just its current football, tomorrow it will be something else.
Comments
I was pointing to the "Exemption" racket by deliberate misnaming the SEC. So, make tough rules and then grant exemptions one by one, then hundreds, even thousands - unlike IRS Letters or Rulings that are almost treated as added rules.
So, the SEC allowed eTFs to operate for 30+ years as exemptions for the mutual fund rules - when those were written in 1930s and 1940s, nobody had heard of, or imagined, eTFs. Only a couple of years ago, the SEC had new and formal rules for ETFs - it should have had those in 1990s.
This ad-hoc way of operation by the SEC is becoming a joke - and the cryptos are just its current football, tomorrow it will be something else.