What's going on guys? Welcome back to Narrative Watch. It is Monday, October 14th,

and this week we are looking at the crazy amount of regulatory interaction last week across multiple agencies,

across actual governing bodies like the Senate, all around crypto. It's like everyone coordinated.

And so let's actually start with the SEC who kind of bookended the week with action at the

beginning and then major action at the end, as we'll see.

So the early part of this was Bitwise, right?

So Bitwise is one of the groups that has been putting

forth Bitcoin ETF proposals. And if you'll remember, Vanek withdrew their ETF proposal a couple

weeks ago, basically probably, you know, they have much more background information. They're in

constant conversation with

regulators. A withdrawal probably means that they didn't believe that it was going to get through

and that it would be worse to push it through for some reason. So the outstanding proposal at that

time was this bitwise proposal that was floating around. And basically, the SEC hit it down pretty hard,

right? So you can see here, Bitwise is saying that the SEC issued a 112-page order,

disapproving the filing for the Bitcoin ETF Trust. Though disapproved doesn't seem positive, this is a productive

step in the journey towards a regulated crypto product. So exchange traded product.

So basically, they then go on to talk about why they didn't withdraw it. And so Jake Schrovinsky,

one of the crypto-legal core, crypto- of the crypto legal core, crypto Twitter legal core,

had a couple of things to say. First, he thought that this outcome wasn't surprising, right?

If you've been watching the SEC actions, it doesn't seem like this has been, it doesn't seem

like this was going to happen, right? Chances seem pretty low. He did say that he said this excruciatingly detailed was his words to describe the 112 page

order. And he says it reads like a damning indictment of Bitcoin's market structure.

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