I imagine etf can be repo’ed in its current form. I guess it’s less critical as spot but it could cause etf discount premium to change widely if there are some repo fail.
An article I wrote on why Bitcoin rehypothecation should be illegal for TBTF banks now that SAB 121 was rescinded. And yes, I know, Bitcoin doesn't need laws. But I also know that all your grandmas will probably have exposure to Bitcoin through an ETF. So this is for all your grandmas.
https://egodeath.capital/blog/too-big-to-fail-banks-amp-bitcoin-custody
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