“I’ve been seeing loads of hypothesis about BlockFi’s threat administration practices that I need to deal with. Whereas our coverage is to not touch upon particular counterparties, we’re dedicated to offering as a lot transparency as doable, and it’s vital to know the next:” (BlockFi CEO Zac Prince) … “Spot ETPs have launched in different international locations with out incident and with nice investor curiosity. In Canada, for instance, the primary spot bitcoin ETP reached $1 billion Canadian {dollars} in belongings beneath administration a month after launch in 2020.[17] Spot crypto ETPs are additionally standard in Europe, the place there are greater than 70 crypto ETPs with an estimated whole of $7 billion in belongings.[18] ETPs in these different jurisdictions have functioned, even in unstable markets. Why is the SEC a holdout? At what level, if any, does the growing maturity of the bitcoin spot markets and the success of comparable merchandise elsewhere tip the dimensions in favor of approval? After all, the information and circumstances of every utility matter, however will I ever cease listening to that well-worn query: “When a spot bitcoin ETP?” (SEC Commissioner Hester Peirce in a June 14 speech) … “interview at this time, requested if BTC can scale for funds for transparency, my reply: 1) BTC can completely be fee asset, on lightning, L2, or wrapped 2) BTC chain not meant to scale to thousands and thousands of TPS, so will not be world funds instantly 3) bullish on blockchain funds.” (FTX CEO Sam Bankman-Fried/Twitter)
