Why Some US Congressmen Are Asking Gensler About a Bitcoin Spot ETF

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 5 November 2021

⏱️ 12 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is sponsored by NYDIG. On today’s episode, NLW follows up on the burgeoning bitcoin-mayor competition between New York City’s Eric Adams and Miami’s Francis Suarez. The show’s main topic is an open letter sent by Congressional Blockchain Caucus co-chairs Rep. Tom Emmer and Rep. Darren Soto to Securities and Exchange Commission Chair Gary Gensler about the recent approvals of bitcoin futures-based exchange-traded funds. They argue it simply doesn’t make sense to approve a futures ETF but not a spot ETF that holds actual bitcoin. Surprise, surprise, the crypto community agrees. NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW. Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW “The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Dark Crazed Cap” by Isaac Joel. Image credit: Daniel Acker/Bloomberg/Getty Images, modified by CoinDesk.

Transcript

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0:00.0	The SEC might just write this off as these two guys who care so deeply about crypto and blockchains
0:05.9	and Bitcoin, just being loud again. But it sort of doesn't matter. What matters is that they're
0:10.8	saying it. What matters is that they're articulating it. What matters is that they're writing it
0:14.7	in plain English and asking for specific answers to these specific critiques. If the SEC and
0:19.6	Chair Gensler do decide to respond, at least
0:22.2	we'll have more insight into their position vis-a-vis these specific questions. In other words,
0:27.1	we'll have a better understanding of what actually is holding a spot ETF back rather than just
0:31.6	making guesses at it. Welcome back to The Breakdown with me, NLW.
0:43.2	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:49.7	The breakdown is sponsored by Nidig and produced and distributed by CoinDesk.
0:58.3	What's going on, guys? It is Thursday, November 4th, and today we are talking about why some congressmen are asking about a Bitcoin spot ETF. Before that, however, I want to say a big,
1:05.4	happy anniversary to my wife, Jesse. It has been eight years today, each year better than the last, except for the
1:12.7	hard ones in the middle. Let's forget those. By the way, hard because of business things, not because of
1:18.0	our relationship. That has been The Rock, and I love you, and I'm so excited to be on this journey
1:23.2	with you. Now, with that said, I want to start today's actual show with an update from New York City.
1:30.5	I told you guys yesterday that New York had gotten its first Bitcoin mayor. Eric Adams won his
1:36.7	primary over the summer and then officially won the election earlier this week.
1:41.5	One of the dimensions I told you about was this idea of a friendly competition
1:46.1	with Miami. He had mentioned Miami and how he was coming to take all the jobs back that
1:51.7	Miami had taken from New York City. And yesterday he actually referenced Miami again in a
1:57.2	conversation on Bloomberg Radio. Remember when Miami launched their own coin? They did it in
2:03.1	partnership with Citigoin, which is built on the Stacks Protocol. And in this Bloomberg radio
	...

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