The debate around spot-bitcoin exchange-traded funds, or ETFs, has hit U.S. courts.
, arguing that its decision to deny its application was "arbitrary," given the regulator's prior approval of futures-based bitcoin ETFs.Spot markets are where assets are traded for immediate delivery. Bitcoin futures, by contrast, trade on the: Judges Sri Srinivasan, Neomi Rao and Harry Edwards of the District of Columbia Circuit Court of Appeals in Washington, D.C., asked about the relationship between bitcoin futures prices and spot bitcoin.
"It seems to me that the Commission really needs to explain how it understands the relationship between bitcoin futures and the spot price of bitcoin," Judge Rao said.: SEC Senior Counsel Emily Parise argued that the stated 99% correlation rate between futures and spot prices "doesn't necessarily mean causation," and referred to intraday volatility in spot markets.
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