On Wednesday, January 10th, the Securities and Exchange Commission (SEC) made an interesting decision, voting to allow everyday folks to participate in spot bitcoin ETFs. This move marks an opening for a broader audience to delve into Bitcoin speculation.
The approved ETFs are set to be listed on various exchanges, including Nasdaq, the New York Stock Exchange, and the Chicago Board Options Exchange. This is supposed to provide an additional layer of oversight. But the announcement went terribly wrong, amplifying concerns about the ETFs.
In the aftermath of the failure of Silicon Valley Bank and Signature Bank, many rushed to blame their demise on a lack of regulation. In particular, they focused on the fact that these banks were not required to undergo a Federal Reserve stress test.
Indeed, small and midsize banks are exempt from the stress test requirement. Did that lead to the current banking crisis?
We knew it was only a matter of time.
Uncle Sam has suddenly become very interested in Bitcoin.
Over the last several months, we’ve reported on various countries announcing plans to regulate cryptocurrencies. Now Congress is looking to get into the act.
