Bakkt has bitcoin futures. The price will be discovered with physical delivery contracts only. For price discovery, Bakkt will not depend on unregulated cash market. With security, do you mean as securities trading where there's a collateral to gold, USD, EUR etc ? In the case of bitcoin this approach cannot work. SEC's decision has to be approved by US Congress- is that correct? In our lifetime, this is the first time, a currency (bitcoin) has become a global issue. So I think, there will be citizen's who will make sure a sensible decision is made. Powerful people have their eyes on bitcoin! We are in the middle of a revolution!