Summary
The Securities and Exchange Commission (SEC) has rejected yet another Bitwise bitcoin exchange-traded fund (ETF) proposal. This is exactly what we expected to happen. But this time, the SEC did something we didn’t expect: It actually gave constructive feedback in the form of a detailed 112-page response. Adam Sharp and Andy Gordon discuss the SEC’s history of hesitation and how this feedback could be a guide to winning its approval.
Regardless of the SEC’s approval, though, bitcoin ETFs are no longer the driving force behind institutional crypto adoption. Adam explains how Fidelity, Bakkt and Coinbase are all ushering a steady trickle of institutional investors into crypto. A bitcoin ETF would be a nice cherry on top of all that, but it’s not the only crypto development we’re watching.
Another major catalyst we’re keeping an eye on? The bitcoin halving. Adam describes what the halving will do to bitcoin prices and adoption in general.
On the stablecoin front, governments and international agencies around the world are still freaking out over Libra. The Bank for International Settlements recently released a report saying stablecoins like Libra are a growing threat to monetary policy, financial stability and competition. And governments are still worried about crypto being used for money laundering. Adam and Andy discuss how these fears are misplaced.
One of the ways governments are dealing with their fear of cryptocurrencies is by trying to create their own digital currencies. Officials from the People’s Bank of China have hinted that a digital version of the renminbi is almost ready. Adam isn’t convinced – but Andy is. Tune in to watch them make a bet on it.
If you’re interested in a particular topic, we’ve listed the time code on the right so you can skip directly to it in the video.
- SEC offers bitcoin ETF applicants a guide to winning its approval (0:37)
- Bitcoin ETF no longer driving force behind institutional crypto adoption (6:20)
- Bitcoin halving will be major catalyst (7:55)
- Governments, international agencies freaking out about Libra (10:54)
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