This episode of Speaking of Bitcoin on the Coin Desk Podcast Network is brought to you by nexo.io.

They're worried that if they do enable a spot price, there'll be a massive influx of capital

from everyday investors who don't know how to hold keys or set up an exchange account

and who just will go on to their Schwab

and various other brokerage accounts and just click on a button and buy some Bitcoin through

the ETF.

So on the last episode of speaking of Bitcoin, we were talking about the securities and exchange

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.

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

funds. And on today's show, we're going to talk about it. But before that, introductions. My name is

Adam B. Levine, and this is speaking of Bitcoin. This time I'm joined, as always by the other host of the show,

Dr. Stephanie Murphy. Hi. And Andreas M. Antonopoulos. Hello. So an ETF, I'm just going to go through

some basics here for a minute, is basically a way to invest into one or a group of assets where the

company running the ETF for exchange traded fund, as is the full name, handles all the complexity

and you can just mostly treat it like any other stock as an

individual investor. Bitcoin ETFs in particular have been proposed by big mainstream players,

going back almost 10 years at this point. And in the last year or so, we've seen a number of them

finally get approval with the first quickly growing to more than a billion dollars worth of

assets under management at a faster rate than

really any ETF that came before it. So clearly there is a lot of interest in the markets.

And since that first approval, there have been a number of others as well. But there's more than one

way to do an ETF. Everything that we've seen so far come to market can be described as a futures

...