Here is the link to the article mentioned:
Cathie Wood of Ark Invest has come out with her opinion of why the SEC did an about face on the Ethereum ETF. It is important to keep in mind her firm is one of the ones that filed (and got approved) to offer the product.
Hence she knows the process and how it usually works.
▶️ 3Speak
@taskmaster4450 The blockchain has been a great step forward, for example in Venezuela it has been used very frequently.
To my observation, Gensler has been trying to shoehorn crypto regulation into existing laws. He often would kick back suggestions that he create clear guidelines back to Congress to write the laws to create the clear guidelines. They were waiting on him; he was waiting on them.
I think she's right. I think that the government is realizing that having a CFTC and an SEC is not working out in the new financial world. If BTC is a commodity, it should be regulated by the CFTC. But then again, an ETF is regulated by the SEC. They are stepping all over each other to figure out how things work with cryptos.
Other countries combine commodities and securities regulation under the same agency. Therefore, they are able to move faster in coming to a decision.
I think, ultimately the political pressure is because the country is ready to adopt crypto but Gensler has been diverting resources to litigate rather than to set a clear path for adoption. Adoption is happening faster than he can sue.
The US is notorious for this. The fact that the CFTC and SEC cant agree on Ethereum being a security is nothing new.
That is why the hedge fund industry is offshore. Something was legal under CFTC but illegal by the SEC.
Here insight is probably spot on. The reversal in ETF approval was stunning.
Something happened.
This is an interesting view on how the system works. The notion of Solana also getting its own ETFs is something I'm not too excited about. I consider BTC and ETH a step above the other tokens, so if Solana will quickly get one, it shows it is all just a popularity thing.
Yeah. Solona doesnt excite me either. I guess there might be a market for it.
As stated in the video, the next thing that might have appeal (the only that I can think of at this time) is a basket of crypto. That could sell.
But any other crypto passed ETH as an ETF, limited market in my view.
blockchain is here to stay
Wow, Blockchain is here to stay
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