According to Decrypt, Grayscale responded to the briefing issued by the U.S. Securities and Exchange Commission (SEC) on December 9. Grayscale stated that the core view of the SEC is that the Bitcoin futures ETF (Exchange Traded Fund) exchange and CME The custody-sharing agreement of the BTC provides adequate protection against fraud and manipulation in the bitcoin futures market, but not the spot bitcoin market. But any fraud that occurs in the bitcoin spot market is bound to affect the price of bitcoin futures, so the SEC's view is illogical. The SEC will issue a final briefing on the matter on February 3. Foresight News notes that the regulatory sharing agreement refers to an agreement between the exchange and the Chicago Mercantile Exchange ( CME ) in which the CME monitors any market manipulation that artificially affects the price of an asset.