SkyBridge launches SkyBridge Bitcoin Fund LP

[Lucius]

I would be amazed if we didn't see one approved by 2022.

Anything is possible, but if the SEC sticks to those positions it had in the past, I don’t see how they would approve the ETF given that the BTC is still not regulated by their standards. As I already wrote, there is only one active app so far, so the question arises where are all those others who were interested a few years ago?

I wouldn’t be surprised if Grayscae would be actively lobbying the SEC against the ETF approval.

If it’s all about money, and money is power - Grayscale can definitely play a significant role in slowing down that process. Not only by lobbying against ETFs, but perhaps even going in the direction of taking over some companies that would show such interest. We all know that Grayscale is just part of a Digital Currency Group made up of companies like Genesis, Luno and Foundry.

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[figmentofmyass]

Anything is possible, but if the SEC sticks to those positions it had in the past, I don’t see how they would approve the ETF given that the BTC is still not regulated by their standards.

a lot of their prior complaints have been mitigated. the unregulated derivatives market (eg bitmex) has been cut down in size. the regulated (CFTC) derivatives market has grown significantly. as of a few weeks ago, the CME is now the largest futures exchange in the world by open interest. https://www.coindesk.com/cme-tops-in-bitcoin-futures-rankings-amid-rapidly-growing-institutional-interest

fake volume, another complaint by the SEC, is drastically down: https://cointelegraph.com/news/few-big-exchanges-continue-to-report-fake-volumes-in-2019-chainalysis

frankly, there is so much investor interest in bitcoin that i don't think they have much choice. by refusing to provide regulated options for non-accredited investors, they are driving investors into unregulated markets, and that is not their goal.

As I already wrote, there is only one active app so far, so the question arises where are all those others who were interested a few years ago?

as we saw in 2017-18, the number of applications is not a gauge of the likelihood of approval.

[fillippone]

frankly, there is so much investor interest in bitcoin that i don't think they have much choice. by refusing to provide regulated options for non-accredited investors, they are driving investors into unregulated markets, and that is not their goal.

I think this is the most worrisome aspect of the whole situation.
People wanting to invest in bitcoin are flocking to unregulated markets, or subpar investment. Like buying MicroStrategy, that in their eyes can work as a proxy-ETF.
This is plain dangerous, from a regulatory point of view.

[perfect999]

Gary Gensler is not anti-crypto person, he is a pro-regulations person and those are very different things. What people need to realize, and realize big time is that bitcoin is not a USA thing. Unfortunately Americans think that america is all it is about, they think only basketball is NBA basketball, they think they have the "world series" when nobody else even watches a game as boring as baseball, and they basically think that everything happens because they are there, hell even aliens go to USA in many movies lol.

So believe me, Biden could try to even ban BTC if he wants to, which would obviously hurt us because it is a big nation, but it wouldn't destroy it, BTC would still be used in many places, it is just a regular life for all of us because it wouldn't be banned for us, it would be banned for Americans and after a while we would be used to it. So there is no need to worry about it.