?Last year alone combined 12 ETFs were submitted to the SEC of which 11 were rejected.? The rejection, according to SEC was based on the fact that the futures market and exchanges are not mature and their market size is not significant, therefore high likely subject to manipulation. Also citing concerns over current exchanges lacking the capability to monitor, detect and deter fraud and manipulation. A report conducted by Blockchain Transparency Institute last month concludes that over 80% of BTC pair trades in the majority of the exchanges are wash trades. This shows the unethical trading behavior in exchanges which makes it highly manipulative and questions lacking regulation.