The Block spoke with Sui Chung, the CEO of CF Benchmarks that provides the index set to be used by several proposed spot bitcoin ETFs.
With most applications for a spot bitcoin ETF in an extended waiting period after the Securities and Exchange Commission last month delayed the ongoing processes with fresh public comment periods, the industry has gone from the excitement of waiting for a possible approval with bated breath to the doldrums of now just waiting.
We now have ether futures ETFs. So it's progress, no doubt. Having ether futures ETFs is better than not having ether futures ETFs, in my view. You've got people wanting to understand 'okay, how does this ether futures market work? How long has it been going? How liquid is it?' All the basic things, and that could only be a good thing, as more of the financial investment community learns about the crypto ecosystem.
The ones that are more cogent, the SEC does address them. They do get read. However, it is not a dialogue. You make your statements. The SEC then writes up what they think of that. And there's no right of reply. So it's not a dialogue. That's the way it works, which can be frustrating.
Sui Chung: There is sort of back and forth. The academic literature leans toward that the futures market leads the spot market, that in fact, in price formation terms, there is a lead-lag, and the lead, most of the time, resides in the futures market. Sui Chung: It's sort of not so much size, because if we take gold as the analogy, in gold no one actually knows how big the physical spot market is. Because it's not traded on a screen. It's not a central limit order book. It's brokers calling miners and asking them, "can I buy this amount of gold?" And then those brokers, talking to industrial users, "do you want to buy this amount of gold. I will ship it to you.
Sui Chung: If someone does engage in market manipulation, that's not necessarily the fault of the exchanges. They're not held accountable for that. What they're held accountable for is to have processes and procedures in place, mechanisms in place, to detect it and then potentially initiate, allow the SEC to initiate prosecutions.
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