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Unchained

Bits + Bips: Is This the Real Reason the SEC Approved the Ethereum ETFs? - Ep. 656

Unchained

Laura Shin

News, Tech News, Business News

4.51.3K Ratings

🗓️ 5 June 2024

⏱️ 57 minutes

🧾️ Download transcript

Summary

In this episode of Bits + Bips, hosts James Seyffart, Alex Kruger, and Joe McCann, along with guest Hal Press, founder of North Rock Digital, dive into the intricate challenges of pitching the ETH spot ETF to traditional finance and the Federal Reserve’s anticipated next steps. They discuss why Biden vetoed the repeal of SAB 121, and why that veto lends credence to an alternative theory as to why the SEC approved Ethereum ETFs. Also, they talk about why the spot ETH ETFs are already turning out to be different from the Bitcoin ETFs, Hong Kong's (and perhaps China’s?) crypto ambitions, recent U.S. macroeconomic indicators, and whether or not Roaring Kitty’s recent antics with GME stock are illegal—and how he’s impacting memecoins. Show highlights: Why Biden vetoed the repeal of SAB 121 and whether it was priced in The recent political change around crypto and the surprise Gen Z celebrity who could swing the U.S. presidential election The impact of the Trump conviction on the crypto industry Why ETF issuers were caught off guard with the spot ETH ETF approvals Whether Bitcoin ETF buyers will rotate to Ethereum, and when the products will launch How the ETH ETF will be pitched to TradFi Why Alex thinks ETH/BTC will go up How Hong Kong is trying to become the Wall Street of crypto, according to Joe The recent macroeconomic indicators in the U.S. and their implications for crypto The massive glitches in the NYSE that showed Berkshire Hathaway going down 99% Whether what Roaring Kitty is doing with the GME stock is illegal Hosts: James Seyffart, Research Analyst at Bloomberg Intelligence Alex Kruger, Founder of Asgard Joe McCann, Founder, CEO, and CIO of Asymmetric Guest: Hal Press, Founder of North Rock Digital Links Politics: Unchained: President Biden Vetoes SAB121 Repeal Unchained: FIT21 Bill Heads to The Senate: Should We Really Be Excited? POLITICO: Crypto super PACs get $25M boost Fortune: Coinbase donates $25 million to super PAC Fairshake days after Biden vetoes crypto custody bill Ether ETFs: Unchained: Ethereum ETFs Likely Protect Ether From the SEC. But What About Staked ETH? Why the SEC May Not Be Done in Its Legal Battles Over Ethereum Why ETH Spot ETFs Could Benefit Stakers and Make Ethereum More Resilient ETH ETFs Will Be Approved. But Could Grayscale Outflows Depress the Price of ETH? Blockworks: What we learned from the latest ETH ETF filing dump Hong Kong Bloomberg: Hong Kong Says 11 Crypto Exchanges Are Closer to Getting Permits Other recent events: CNN Business: Berkshire Hathaway: NYSE says glitch that showed stock down 99.97% has been resolved WSJ: E*Trade Considers Kicking Meme-Stock Leader Keith Gill Off Platform TIMESTAMPS 00:00 Intro 01:59 Why Biden vetoed the repeal of SAB 121 and whether it was priced in 08:43 The recent political change around crypto and whether this particular Gen Z celeb could swing the U.S. presidential election 12:07 What the impact of the Trump conviction had in the crypto industry 15:38 Whether Bitcoin ETF buyers will rotate to Ethereum, and when the ETH ETFs will launch 25:53 How the ETH ETF will or should be pitched to TradFi 31:02 Why Alex thinks ETH/BTC will go up 32:48How Hong Kong is trying to become the Wall Street of crypto, according to Joe 36:27 The recent macroeconomic indicators in the U.S. and their implications for crypto 45:15 The massive glitches in the NYSE that showed Berkshire Hathaway going down 99% 49:26 Whether what Roaring Kitty is doing with the GME stock is illegal Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Hey all, Laura here. This is the third episode of our new crypto and macro show, Bits and Bips, exploring how

0:06.8

crypto and macro collide one basis point at a time, with hosts James Safert, Alex Cougar, and Joe McCann.

0:14.0

Today they have a guest, Hall Press of North Rock Digital,

0:17.5

and they get into all of the many crazy happenings

0:20.0

from the veto to Roaring Kitty since the last episode.

0:24.0

This will be the final time that I introduced this new show, so don't forget that bits and

0:27.6

bips will be on unchained every other week, usually on Wednesdays.

0:31.7

Be sure to like, subscribe, and give it a rating or review,

0:34.7

or a shout out on social media.

0:36.7

And now enjoy the Superfund conversation.

0:39.3

The Commission is usually two Dems,

0:42.2

two Republicans, and then whatever president is in power gets to choose the chairman of the SEC.

0:47.3

In this case, it's Gensler, Democrat. So theoretically, he was a swing vote in Bitcoin ETS.

0:51.8

It's not necessarily true 100% that he was a swing

0:55.9

vote here. So theoretically, Crenshaw was never going to vote again. She wrote a dissent

0:59.5

letter, but Lizaraga, who is another, the other Democratic Commissioner, did not join her in her dissent of this

1:04.7

Bitcoin ETS.

1:05.7

He voted against it, but he didn't join her in her dissent letter.

1:09.8

What's interesting, what I'd heard from other people was that this could have come from Lizeraga who spent, I don't even know, a very long time working. She used to be Nancy Pelosi's right-hand man. And a lot of what I was hearing even leading up to the East stuff was that

1:22.6

Dems in the Senate and the House were getting really concerned with how the

1:26.3

crypto polling was showing up and how many people own it.

1:28.8

Hi everyone, welcome bits and bits, exploring how crypto and macro collide one basis point at a time.

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