After 10 hard years of trying to get the Bitcoin ETF approved, we finally got it. It happened exactly 15 years after Hal Finney’s ‘Running Bitcoin’ tweet. For the people who pioneered, believed in, and used crypto, it’s a big day. They got vindication. Bitcoin ETF is a triumph of blockchain technology. Approval from the SEC legitimizes the entire crypto industry. ETFs are positive for crypto, but there are also a few negatives. However, approved Bitcoin ETF is also positive for Cardano and other blockchain projects.
Many people see the approval of the Bitcoin ETF as opening the door for institutions to buy BTC. From my point of view, the legitimization of technology is more important. Bitcoin is paving the way for an entire industry. I believe we will soon see more requests for ETFs. The SEC is very likely to approve them.
One of the biggest obstacles to the adoption of cryptocurrencies was considered to be regulations and the unclear attitude of various institutions. The SEC has given the green light to Bitcoin, which means that attempts to ban it will stop. Of course, we are only talking about the USA.
The USA has always been the cradle of innovation. If one of the most important states on the planet adopts blockchain technology, other states cannot just observe. They will have to join.
The SEC considers many crypto projects to be securities. We can expect that they will continue to fight against various projects. However, this fight will seem very disproportionate and unconvincing in light of the approved ETF. The SEC is now in a much more difficult situation. I expect it will be forced to approve more ETFs. It will be easier for crypto projects to defend themselves in court if it goes this far.
We may see some nasty moves from the SEC against Cardano and the crypto industry. But the SEC is not the only institution in the US. Many authorities have repeatedly expressed disappointment with the SEC’s actions. The SEC will have to be more careful in what it does.
ETFs require trust in a third party. Institutions can lie about how many coins they hold, or they can fail in some…
