Well, well, well, it seems like the US is lagging behind when it comes to spot Bitcoin ETFs. Meanwhile, Canada swooped in and made it happen years ago. Talk about being fashionably late to the party! Maybe the US regulators should take some pointers from their neighbors up north on how to get things done. But hey, who needs a regulated ETF when we can just sit around and wait forever? Why rush into progress when you can take your sweet time? It's not like Bitcoin is a rapidly evolving industry or anything... Oh wait.
Waiting for a regulated spot bitcoin ETF? Its already here.
A lot of headlines in the US around last week's U.S. Appeals Court decision that characterized the SEC's argument against a spot BTC ETF as 'arbitrary and capricious'. It was.
While the issue remains unresolved, the opportunity in bitcoin is only clearer for reasons shared here, https://lnkd.in/eewhFQjR
For those wondering if a spot BTC ETF exists in North America, it does, in Canada.
Canada provided a regulated spot BTC ETF years ago, well before the SEC dug their heels in against clear institutional and retail demand.
How did Canada get there first?
They did the work.
Canada's Senate Committee on Banking, Trade and Commerce sought out and engaged experts like Anthony Antonopoulos (AA) in true exploration on the topic over 10 years ago. See video here, https://lnkd.in/exzReRX9
For those that do not know Anthony Antonopoulos, think, Sergey & Brin, Milton Friedman and Michael Lewis rolled up into one.
Before FTX, before COVID’s policy response that fueled inflation, Canada laid the foundation that helped grease skids for firms like 3iQ to push bitcoin from opportunity to regulated reality for retail and institutions alike.
Statements from Antonopoulos' 2014 appearance in front of the Canadian Senate Committee on Banking, Trade and Commerce predicted both the side-show developments in crypto including the 'creation of coins by children (how old is SBF?), entertainers, and football teams', stating that 'most will hold just entertainment value, but some may assume greater value’ Antonopoulos' testimony danced between refreshing and shocking for its…
Civility.
AA and the Canadian Senate Committee engaged in true parliamentarian discourse. Questions on topics ranging from crypto currency and economics to technology were posed in pursuit of learning, and not the more familiar banter to 'score points', or make the other person ‘wrong’
Prescience.
AA predicted both Meme coins (Dogecoin?) and the dominance of just a few coins. Today, BTC and ETH represent approximately 72% of total digital asset market value.
Honesty.
Canadian Senate Banking Committee members sharing that Central banks change monetary theory every 20 or 30 years, asking why BTC's 'policy' would endure.
AA’s response was equally open, honest and by extension authentic, trustworthy and informative.
This engagement could have been a road map for the US, but the SEC and certain US. Senators and Representatives appear to have chosen obstinance over discovery.
As a result, Canada and now Europe and the UK are leapfrogging the US as it relates to clarity for developers and businesses to advance this growing technological and economic opportunity.
Why wait?
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