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316 sats \ 0 replies \ @hong OP 7 Mar \ parent \ on: I'm Hong, cofounder/CTO of Bitwise. AMA! AMA
hmm. hard one. this isn't one that ppl necessarily disagree with but the second order effect that i think ppl aren't seeing is that bitcoin ETFs will do wonders in fighting the discrimination bitcoin has been receiving in the US financial system.
for example broker dealers (regulated by FINRA and SEC) aren't allowed to custody bitcoin or really touch it in any way. SAB 121 is also a weird accounting rule that has been put out specifically targeting bitcoin and requiring extra reserves to be kept 1:1 if you hold bitcoin in anyway. this isn't like bitcoin asking for any type of special treatment. we're just looking for it to be treated equally as to everything else. it's been a hard battle for the bitcoin industry to push for this but since the bitcoin ETF the tradfi banking lobby has been pushing the SEC to get rid of these arbitrary road blocks to offering bitcoin services. the days these things are blocking bitcoin's path is numbered.