CNN issued a statement saying that the US SEC postponed a decision on the three proposals of the Bitcoin ETF, did not give reasons for the delay, and was not asked for any reason. The article said the SEC may never approve the Bitcoin ETF. Ed Butowsky, managing partner of Chapwood Capital Investment Management, said, "Bitcoin is not a security. The US SEC's definition of securities requires that things traded represent other potentially valuable things. Bitcoin has no potential value. It is not true." Lee Reiners, director of the Global Financial Markets Center at Duke University Law School, told the SEC that the Bitcoin ETF is not needed. ETFs exist because underlying assets (such as corn or wheat) are neither feasible nor desirable, and "investors can easily acquire and store bitcoin because bitcoin is a digital asset." Reiners also said that the market is full of fraud and manipulation, and there is no real way to find prices.