If the US government passes the Bitcoin ETF, will the market immediately become

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IF ETF is approved, it may not be decentralized anymore. Its not about trust, you do have trust in the first place because of blockchain being immutable. If you let government decide where things are going, then that is a sign of not being decentralized. The cryptocurrency sphere only needs the interoperobability for each chains to have a fair chance at a same level. IT doesn't need government regulations as it has stand even before the proposal.