current sec regulations on btc spot etf doesn't cover reporting buying/selling on open market or cold wallets opening the door for manipulation of price.

source: https://www.sec.gov/news/statement/uyeda-statement-spot-bitcoin-011023

The SEC's approval documents and statements don't provide detailed regulations regarding the obligation of spot Bitcoin ETFs to report whether their trades are made from cold storage or the open market. Typically, ETFs are required to disclose their holdings and provide financial reports, but these disclosures might not extend to the granularity of specifying the source or location of each transaction.

This is alarming to me if your regulations are aimed at preventing manipulation of price action. I'm neither bullish or bearish just trying to share some information with you! There's been alot of hype on the btc spot etf but with very little information on how these spot etfs work or the reporting requirements of said spot etfs.