It’s weird to me they approve futures based ETFs, that are terrible for investors seeking BTC exposure (lose money due to roll), and approve closed end funds like GBTC that are also worse for investors due to inability to track spot price (its been stuck in a serious discount for nearly a year, prior to that it was in a massive premium, both have screwed plenty of people who bought it). But somehow an actual plain, direct, spot ETF that can provide redemptions to authorized participants is the one that’s not allowed.
I believe we will see significant changes to the laws around that next year.
If time permits, I highly suggest to listen to the full hearing congress did on cryptocurrencies two weeks ago [1].<p>It did seem to me that a good portion of congressman/woman were in favor of new rules for the industry and its interactions with the traditional financial system. Most were concerned about keeping the dominance of the USD long term on the global financial system.<p>[1] <a href="https://www.youtube.com/watch?v=F_kZELcynKQ" rel="nofollow">https://www.youtube.com/watch?v=F_kZELcynKQ</a>
SEC: absolutely fine with penny stocks with 1000% daily fluctuations<p>SEC: derivatives of a trillion dollar asset are risky<p>This is all a theater. The real reason is they are trying to slow down the proliferation of cryptocurrencies.