SOB: When the Referees Play Favorites (Part 2)
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 10 May 2022
⏱️ 32 minutes
🧾️ Download transcript
Summary
The power to regulate is the power to delay.
This episode is sponsored by Nexo.io.
Join “Speaking of Bitcoin” hosts Adam B Levine, Andreas M. Antonopoulos and Stephanie Murphy for a look at the recent U.S. bitcoin futures exchange-traded fund approval that has some in the crypto community increasingly optimistic about its potential to revolutionize finance forever!
But should they be?
Ever since the first bitcoin (BTC) spot ETF was rejected by regulatory bodies in 2017, investors have had to watch their investments crumble. The prospects for a successful outcome have seemed bleak. So why do we keep talking about these failed products and why does it seem like everyone is clambering aboard with hope once again as if nothing happened the last time around?
The show tackles a paradoxical situation where a U.S. Securities and Exchange Commission tasked with investor protection may actually push consumers into riskier vehicles, before shifting gears towards knowledge-power-confounding "Darth Vader" effect and bipartisan legislation aimed at protecting U.S. investors from volatility risks.
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This episode featured Stephanie Murphy, Andreas M. Antonopoulos and Adam B. Levine. It featured music by Jared Rubens and Gurty Beats, with editing by Jonas. Art for this episode was provided by Helen Cramer/Unsplash and was modified by Speaking of Bitcoin.
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Transcript
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| 0:00.0 | This episode of Speaking of Bitcoin on the Coin Desk Podcast Network is brought to you by nexo.io. |
| 0:07.6 | They're worried that if they do enable a spot price, there'll be a massive influx of capital |
| 0:14.0 | from everyday investors who don't know how to hold keys or set up an exchange account |
| 0:19.3 | and who just will go on to their Schwab |
| 0:21.5 | and various other brokerage accounts and just click on a button and buy some Bitcoin through |
| 0:26.7 | the ETF. |
| 0:30.7 | So on the last episode of speaking of Bitcoin, we were talking about the securities and exchange |
| 0:35.6 | commission, better known as the SEC, and specifically how they're both not willing to change the rules to accommodate what crypto is, and how it's very structurally different than traditional equities for which the rules were written more than 80 years ago. |
| 0:48.5 | Another area where this is visible, though, and which has become something of a personal sore point from my brain is ETFs or exchange-treated |
| 0:55.6 | funds. And on today's show, we're going to talk about it. But before that, introductions. My name is |
| 1:01.2 | Adam B. Levine, and this is speaking of Bitcoin. This time I'm joined, as always by the other host of the show, |
| 1:06.2 | Dr. Stephanie Murphy. Hi. And Andreas M. Antonopoulos. Hello. So an ETF, I'm just going to go through |
| 1:15.0 | some basics here for a minute, is basically a way to invest into one or a group of assets where the |
| 1:19.9 | company running the ETF for exchange traded fund, as is the full name, handles all the complexity |
| 1:25.1 | and you can just mostly treat it like any other stock as an |
| 1:28.0 | individual investor. Bitcoin ETFs in particular have been proposed by big mainstream players, |
| 1:33.7 | going back almost 10 years at this point. And in the last year or so, we've seen a number of them |
| 1:38.2 | finally get approval with the first quickly growing to more than a billion dollars worth of |
| 1:42.2 | assets under management at a faster rate than |
| 1:44.7 | really any ETF that came before it. So clearly there is a lot of interest in the markets. |
| 1:50.3 | And since that first approval, there have been a number of others as well. But there's more than one |
| 1:54.6 | way to do an ETF. Everything that we've seen so far come to market can be described as a futures |
... |
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