- The video discusses the false start of a spot Bitcoin ETF being approved, which caused a temporary increase in Bitcoin's price.
- The false start was due to a tweet by Cointelegraph, which was based on a misleading post in a Telegram chat.
- The video also mentions other instances of media mistakes, such as Decrypt rescinding a story and the New York Times changing headlines.
- It highlights the accuracy and timeliness of Wikipedia as a news source.
- The discussion then shifts to the potential approval of a spot Bitcoin ETF and the positive sentiment surrounding it.
- Larry Fink, CEO of BlackRock, and Paul Tudor Jones have expressed positive views on Bitcoin and cryptocurrency, which is seen as significant for traditional finance buyers.
- The expectations for the ETF are high, and its success will depend on the inflows of funds and the reputation of those endorsing it.

- The speaker discusses two paths for the crypto industry: institutional adoption and grassroots development.
- They believe that institutional adoption is currently happening, led by Wall Street and the recent interest in Bitcoin.
- They also express bullishness on Ethereum (ETH) and its long-term fee market potential.
- The speaker mentions the importance of the ETH-BTC ratio in understanding the market cycle.
- They argue that Bitcoin tends to lead the market, followed by Ethereum and then other application protocol tokens.
- The speaker emphasizes the importance of historical trends and the quick shift in market narratives.
- They discuss the potential for ETH to be seen as the "digital oil" powering applications and ecosystems.
- The New York Attorney General has filed a claim against Gemini and Genesis, accusing them of misrepresenting products and concealing losses.
- The claim seeks to prevent the individuals involved from selling securities in New York again.

- The video discusses the case of Genesis and Gemini, where 230,000 investors were affected.
- Genesis was the back end for Gemini and played a central role in the crypto industry.
- The video mentions the large loan originations, active loans, spot volume traded, and notional derivatives traded by Genesis.
- The AG for New York, Letitia James, has charged Barry and Co. with multiple charges.
- There is uncertainty regarding the impact on GBTC and Grayscale if Genesis is found guilty.
- The video questions the implications for inflows into the spot ETF if GBTC cannot convert.
- The spot ETF is seen as a catalyst that could open up Bitcoin to new buyers and increase confidence in the asset.
- Expectations for the spot ETF are high, and it is seen as the beginning of institutionalization in the crypto space.
- The macroeconomic environment and the performance of gold could also impact the success of the spot ETF.

- The speaker discusses the potential impact of buying Bitcoin when its rates are going up
- They mention that there may not be as much demand for Bitcoin as previously thought
- The speaker suggests that sentiment towards Bitcoin may be mixed, with some hoping for a return to a bull market while others are wary due to past market fluctuations
- They highlight the potential for a Bitcoin ETF and its impact on financial advisors' ability to recommend Bitcoin to clients
- The speaker also discusses the correlation between the price of crypto and the amount of money raised for blockchain-specific funds
- They compare the current market sentiment to the bear market of 2019 and suggest that the industry is now more visible and recognized by regulators
- The speaker concludes by mentioning the ongoing legal case against a former industry figure and its potential impact on the market.

- The speaker reflects on the volatility of Bitcoin and the current state of the market.
- They discuss the recent fee switch on Uniswap and the distinction between Uniswap Labs and the Uniswap protocol.
- The speaker mentions the potential for this to be the first real institutional cycle for crypto and the importance of regulatory clarity.
- They highlight the significance of Larry Fink's endorsement of crypto and the potential impact on institutional adoption.
- The speaker also notes the role of regulatory bodies in the industry and how public interest in regulation fluctuates with the price of cryptocurrencies.

- The financial services industry is heavily regulated, making it difficult for institutions to transact in stablecoins without compliance approval.
- Positive regulation and the introduction of ETFs could lead to more positive regulation in the crypto industry.
- The temporary Speaker of the House, Patrick McHenry, may have the ability to pass bills related to stablecoins and other issues before January.
- Stablecoins create new demand for US treasuries and offer a safe asset in the crypto market.
- The bond market is experiencing a significant sell-off, which could impact investments and interest rates.
- The US deficit and debt are concerning, and there are differing opinions on how to address the issue.
- Market forces and the need for normalization may require a reset in the financial system.
- Institutions and individuals may need to rethink how institutions are built and consider alternative systems like ETH or Bitcoin.

- The speaker discusses the advantages of cryptocurrencies like ETH and Bitcoin over traditional financial systems.
- They highlight the importance of rules-based monetary policies and the need for flexibility in demand for money.
- They mention the potential for ETH to have a slightly positive inflation rate and the goal of creating a sustainable internet money.
- The speaker also mentions the high supply of altcoins and the potential cost differences between proof of work and proof of stake.
- They discuss the link between unaffordable housing and the inclination of millennials and zoomers to invest in meme coins and stocks.
- The speaker ends by expressing optimism and the potential for continued success.

- The video discusses the false start of a spot Bitcoin ETF approval, caused by a misleading tweet and media mistakes.
- Larry Fink and Paul Tudor Jones expressing positive views on Bitcoin are seen as significant for traditional finance buyers.
- The speaker believes institutional adoption is happening in the crypto industry, led by Wall Street's interest in Bitcoin.
- Ethereum's potential and the importance of the ETH-BTC ratio in understanding the market cycle are mentioned.
- The New York Attorney General has filed a claim against Gemini and Genesis for misrepresentation and concealing losses.
- The potential impact on GBTC and Grayscale if Genesis is found guilty is uncertain.
- The spot Bitcoin ETF is seen as a catalyst for institutionalization in the crypto space.
- The speaker discusses the potential impact of the macroeconomic environment and gold's performance on the ETF's success.
- The speaker highlights the mixed sentiment towards Bitcoin and its correlation with money raised for blockchain-specific funds.
- Regulatory clarity, Larry Fink's endorsement, and positive regulation could impact institutional adoption.
- Stablecoins and their demand for US treasuries are discussed, along with concerns about the US deficit and debt.
- The speaker suggests a need for a reset in the financial system and rethinking traditional institutions in favor of cryptocurrencies.
- The advantages of cryptocurrencies like ETH and Bitcoin over traditional financial systems are mentioned, along with the high supply of altcoins.
- The link between unaffordable housing and investment in meme coins and stocks by millennials and zoomers is discussed.
- The speaker expresses optimism and the potential for continued success.

The team is back, this week the boys kick things off with Coin Telegraph’s reporting blunder on the Spot BTC ETF that resulted in a BTC price surge of over 8%. We then take stock of TradFi’s potential sentiment shift, New York AG Letitia James suing Gemini, Genesis, and DCG over alleged $1.1bn crypto fraud, and the potential ramifications if GBTC is unable to convert. We then go on to discuss potential unlocks of a Spot BTC ETF, where we’re at with the Alt market, the recent Uniswap Labs fee switch news, as well as BlackRock CEO Larry Fink’s recent commentary on Crypto. The boys close on regulation and take stock of Macro. Enjoy!
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Timestamps:
(00:00) Introduction
(00:34) Coin Telegraph: SEC iShares Spot BTC ETF Approval Misreport
(02:39) This Week in Media
(04:49) Coin Telegraph: SEC iShares Spot BTC ETF Approval Misreport
(07:09) TradFi: Significant Shift in Crypto Sentiment?
(18:33) AG Letitia James Sues Gemini, Genesis, and DCG for Defrauding Investors
(25:12) GBTC: Potential Consequences of Inability to Convert
(27:42) Will a Spot BTC ETF Act as a Catalyst?
(36:50) 2019 Cycle Review
(40:38) Alt Market Value Unlocks 
(41:21) Uniswap Labs Fee Switch
(44:31) Institutional Adoption: BlackRock CEO Larry Fink, BTC and Crypto Will Play a Role in Investors’ Flight to Quality
(52:10) Stablecoin As Conduit for Regulation? 
(54:47) Macro Corner
- -
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- -
Resources:
Uniswap Labs Fee Switch
https://blockworks.co/newsletter/issue/33054773

BlackRock’s Fink notes ‘pent-up interest’ after fake bitcoin ETF news
https://blockworks.co/news/blackrock-spot-bitcoin-etf-rumors
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Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.

All right, everyone, welcome back to another episode of bell curve.

Before we jump in quick disclaimer, the views expressed by my co-hosts today are their personal views, and they do not represent the views of any organization with which the co-hosts are associated with.

Nothing in the episode is construed or relied upon as financial, technical, tax, legal, or other advice.

All right, everyone, welcome back to another roundup edition of Bell Curve.

We got Michaels, 1 and 2, Vance, and Yenna.

Let's talk about, let's just start with Bitcoin.

And there are a whole bunch of different angles that we could go with this week.

But I think the big story that we got this week kicked off with was actually a bit of a false start on a story, which was Cointelegraph tweeting out that a spot Bitcoin ETF had been approved, or the iShares spot Bitcoin ETF had been approved.

Bitcoin ran up about 10% in the span of 20, 30 minutes.

The 2 Bloomberg analysts over at the 2 ETF analysts over at Bloomberg, James Seyfert and Eric Balkunas, first responded positively and said, hey, what about the source here?

Then Cointelegraph added reportedly to their own tweet, but they were the ones who broke the story.

And then it very quickly, I think the, I haven't even looked into how this ended up happening, but it was basically a Telegram chat that someone just saw that it was like a shit post in a Telegram chat that I guess no 1 fact checked and it got tweeted out across the main channel.

This is the dissemination of media at its finest.

It was a shit post in a telegram chat coin telegraph picks up on it coin telegraph writes an article I think was either Barons or Reuters saw that they posted about it that feeds into the Bloomberg terminal goes out over the Bloomberg terminal Bitcoin ETF people at Bloomberg or season ETF people at Bloomberg start tweeting about it, boom, off to the races, Bitcoin pumps, shorts get liquidated.

It's also funny because the ensuing journalist beef, journalist beef is very serious.

There's a code of ethics, you're supposed to do things a certain way, There's a supply chain, like you were saying, you know, people were pissed.

Then there was some sort of like, sort of halfhearted explanation afterwards.

And then there was also some like panel interview where it was basically blamed on social media and the need to move fast and hyper competitive news environment.

It was interesting week for media, actually not, I know this isn't what we wanted to talk about, but decrypt also rescinded a story.

This week and then the New York Times like changed their headlines a couple of times related to Israel and Hamas and stuff.

It did get me thinking about the like 2017 blockchain use case that didn't end up happening.

Like there's, you know, there's the, there's the blockchain use cases that go to die, like supply chain on the blockchain, healthcare blockchain, putting media on the blockchain.

There's definitely still a market for that.

And I think that's a hopeful version of what media looks like in 10 years.

But I think for now, we're stuck with Cointelegraph and the cartoons and all of it.

the funny part is, 1 of the things that I always find fascinating, you know, 1 of the most accurate and timely news sources for any sort of like up to date current events, but also up to date, you know, events is Wikipedia.

Every single time, you know, whoever wins a Super Bowl, whoever wins a game, whoever, you know, someone breaks up with someone like they are on it every single time within like 15 minutes.

I would actually look I was even thinking

there's because there's hundreds of millions of people who contribute to it.

I don't know if there's hundreds of millions, but there's definitely a ton of people.

And there's people who are just like really deeply ensconced within the community.

And I don't know, like, I've actually talked to a couple of Wikipedia editors and there's a whole hierarchy to it.

If you want to be editing something that has a certain number of page views,

you have to be a certain- Here's the number, 120,000 editors in the last 30 days.

Now we're really going down a rabbit hole here, but have you heard this story about this Chinese woman who spent years just editing fake stuff, spent like a full decade?

The way that it works is when you actually edit Wikipedia, you build up something like a credibility score.

That's like, oh yeah, this person has been editing for a long time.

It's verified by the community that these things are actually right.

So she actually spent, it was like a decade or something like that, creating small edits that were accurate to build up her score and then falsifying all of this information that went back hundreds and thousands of years in Russia.

I guess the 1 interesting thing to point out other than the journalist malpractice was the price action of Bitcoin post the ETF, like false start announcement.

And so basically, if you're following along on video here, it did run up to just over $30,000.

It retraced some of that move, but not all of it.

And actually post this sort of false start back earlier this week, the price action has been sort of bullish and actually running up.

It's just under 29,000 at the time of recording.

And this is like outside of my area of expertise, but if I had to summarize the general explanation for this, it would be something like people were surprised that the market reacted as strongly as quickly to a headline that was pretty false.

So the thinking now is actually if a spot Bitcoin ETF does get approved and that's looking pretty likely by February, then the market probably is going to move and judging by how people reacted, There are some folks that are off sides, hence it's probably a

I think the bigger thing to note on this graph is not necessarily what happened in that morning run up, but what happened on the 16th when there wasn't any appeal from the SEC.

To your point, I think that's kind of the big moment.

Over the last week, the SEC decided not to appeal and bank, and I'm not exactly sure what the details mean per se, but Now I think we have 7 days basically until tomorrow to see what the final ruling is or see what the final decision is from the judge.

And then it's kind of a question as to where we go from there.

And you know, to your point, my I think January 10th is the date where the arc, the next decision deadline for arc.

I mean, they're all kind of lined up for mid January.

But it seems like, you know, because they're not going to appeal, you know, something will happen in that period of time.

But yeah, I think there's positive sentiment on the ETF.

In addition to that, maybe this was also pretty unrelated to this ETF announcement, but you do have a couple of the sort of blessed folks from macro or trad fi.

The Paul Tudor Jones came out saying that he likes what he calls the barbarous relics being gold and Bitcoin.

This week you had Larry Fink going on CNBC and talking about crypto being a flight quality asset, some sort of geopolitical hedge, which is, I mean, Vance, I saw you tweeted out about this.

I mean, I had to like do a double take watching.

I mean, that's a that's a guy who's very serious, understands the impacts of his words.

You know, I feel like that's significant.

And there could be a, it may be a changing of the tides is too too much too soon.

But I think it is important for tradfi buyers who we want to unlock here.

They need people that they respect and look up to essentially blessing this stuff.

So feel significant but to risk a year guys take.

Yeah, I think on 1 hand, the expectations are so high for this thing that almost anything will be viewed as a disappointment other than tens of billions of dollars.

On the other hand, you have Larry Fink, who not only is positive now, but has called it a index of money laundering in the past.

Where like, you know, if you make it 180 turn like that, you got to, you got to come with more than just like, Bitcoin's great.

Like you have to call your friends, you have to tell them about it, you have to like, you're putting your reputation on the line and your reputation being preserved as some function of the inflows, not maybe of the first day, but the first month, the first year.

I think that's kind of like where the rubber meets the road and they have a ton of salespeople and a ton of distribution, and this is not going to be the last ETF either.

And so, there was a good economist profile on Larry Fink about how he went head over heels of the ESG.

And he's kind of like a guy that has historically been very good at like reading the temperature of the room, which direction the wind is blowing, which assets are likely to be hot next.

And ESG, like for all the shit it gets, it was the hottest investment trend for almost 10 years.

And so like, you know, you go from that to being on Fox news and talking about Bitcoin, it's just like a huge shift.

And so I think this is really the Super Bowl.

You know, it's 7000000000000 of registered investment advisor assets.

If you get a couple of percent of that, that's extremely, extremely meaningful.

You know, and if you think about how a bull market can come about, there's probably 2 paths.

1 is, you know, institutionally led, kind of like what we're seeing right now.

And that's where we say, you know, we have regulatory clarity, we've cleaned up the space, you know, BlackRock has the biggest ETF, like it's blessed, you can put it in your 401k, et cetera.

The other path is we do a grassroots, we build a game, we scale DeFi, that type of stuff.

And I think the latter is happening, but just the institutional side is happening first.

And so that's what the run is gonna be shaped by.

It's gonna be like the Larry Fink cycle, you know, whatever you wanna call it, it doesn't matter.

But like, it is about Wall Street getting their fill, getting a restart basically on crypto from like 3 years ago prices against the backdrop of, you know, frankly, gold ripping.

And gold is like Bitcoin, you know, the deficits, narratives around, you know, bills, yeah, or, you know, debt not being bought, interest rates going higher just because supply overwhelms demand.

Like it is a very constructive narrative for him to pivot it to and frankly just seems smart.

What do you think about I mean, there's been I can get the chart up here in a second, but I feel like Twitter loves to focus quite a bit on ETH BTC as a ratio as just sort of a relative, like, I don't know how you guys feel about it.

I've never viewed it as super, super important, but it has been in the downtrend for a little while.

I mean, I'd be curious, like how you guys think about the concept of the ETH Bitcoin ratio, whether or not it factors into your process in any way at all, or I don't know.

I feel like some people make the ETH BTC ratio like their whole personality, basically.

And if you think about it, it's pretty classic, like beginning of bull run, BTC dominance runs, someone like a sailor steps up and says like, this is actually gold for real this time.

And like, if you look at alts, like a lot of them are making, there's a few that are doing well, but a lot of them are making lower lows and you're searching for what is actually deep value there.

And so there is this rhythm to all of this where it's like Bitcoin goes up because it's digital gold, it has no fundamentals, it doesn't need to.

And the reason why we're positive and hold ETH is because it's like Bitcoin you're just buying and you're along for the ride, you hope it happens.

And the digital gold comparisons are out.

For ETH, like I'm more bullish, and I think this is probably contrarian on like the long term fee market of what happens on chain.

And mostly just because like real world assets and tokenizing treasuries, like those are things that you can stick in an AMM, you can leave a little bit on the table in terms of MEV or, you know, yield for people to capture in TradFi, but like, that's like a system that will produce a ton of fees that is relatively price insensitive to the gas costs.

They just need nuclear grade censorship resistance.

And so like, that'll play out probably next year.

I think that'll be kind of be the defining trend of like what happens on ETH.

Like, when stablecoins hit ETH in the last cycle, people like, wow, you've actually built something useful, like a use case.

Now it's like, okay, if we can bring enough T-bills on chain, and maybe 10 billion is enough, maybe it's like 50 or 100, you have to start paying attention.

And you'll have that, you'll have the spikes in gas fees, but I'm bullish on what we're building.

It's much more different than having this bullish on, almost like bullish gold view that comes with Bitcoin.

only thing I'd add to that, totally agree with everything.

I think there is also going to be the same kind of a rising tide floats all boats perspective with ETH as well when Bitcoin gets the attention that I think it will.

There's already been 2 filings that are for ETH spot ETFs.

I think you're going to start to look at There's sort of the digital gold narrative and then there's maybe like the digital oil.

And I know that that's probably a narrative that hasn't been used in a couple of years.

But I think you'll start to see a lot of interest from investors looking at ETH as sort of the internet oil that's powering these different applications, that's powering these different ecosystems, real world assets on chain, real yield, driving value to applications.

And yeah, I mean, there's definitely a divergence with the chart that we're looking at right now.

But historically, every single bull market has moved the same way, which is BTC moves first, ETH moves second, and then all the application protocol tokens move after that.

That's the point that I was going to make by putting these 2 charts together.

It's just, I feel like this is more indicative of where we are in the cycle, which is typically around this far into a bear market.

The trend of Bitcoin dominance over time is lower and lower and lower as more stuff gets built outside of Bitcoin.

I feel like this is, I feel like it's, that's why I think ETH Bitcoin is kind of an interesting ratio to pay attention to.

For me, it just tells you where you are in the cycle, but it is less, I don't know.

People like to say like, this is the future of these 2 assets.

It's a long chart, but roll it all back to 2019.

I had friends that we were looking at making investments in protocol tokens that did exceedingly well.

And their narrative was, I'd rather just hold Bitcoin and not invest in 1 of those assets.

Some of those assets did way better than Bitcoin.

The other asset that did really well over that period of time and much better than Bitcoin was ETH, because ETH was trading at about 200 bucks at that point.

So I think there is an element of history definitely gives us some direction in terms of how this stuff will play out.

And it's playing out the same way that it did in 2018, 2019 and 2020.

People also just forget how quickly the narrative turns, right?

1 month later, the question becomes what's next?

And then people start talking about an ETH ETF.

And then people start looking at some of the application and different protocols that are off to the races and getting users again, because the price is going back up and Bitcoin leads, but the attention moves very quickly.

And it's really sensible when you think about it as to why that's the case, it's because, you know, think about what it's like when you're sitting around an investment committee or hypothetical investment committee and you're saying, hey, we're gonna go put some capital into Bitcoin.

You know, we're gonna try this crypto thing.

You had all the fraud, you know, this time around, it's going to be different.

But if you can convince people to put money into a Bitcoin ETF, let's say, then that works.

Then the question becomes, OK, maybe we should up our allocation.

Maybe this thing actually has legs this time around.

And you start to trickle down the effects of, OK, what's next?

Flight to quality, you know, narrative is gonna be, and by the way, Larry Fenton said Bitcoin on that interview, he

I think there's going to be, it's not just gonna be Bitcoin, that definitely rides

Last thing, like on this, like if you take the 50,000 foot view and you think that digital money is important and it's going to be a concept that stands the test of time, like I personally do, you know, unsurprising, but I think the world is also kind of heading in a direction where that concept is more relevant.

The question is, like, can you create an effective self sustaining?

Can you can you create effective self sustaining internet money?

And like, I was, you know, just thinking about Bitcoin, it's like, man, like, you know, the Bitcoin future happens.

And like, I guess it is digital gold, but like it also has no fees.

And like in the near term, in the 10 year perspective, probably that doesn't matter.

But like long, long term, like it's like, what is the more efficient, sustainable money?

Is it something that's proof of stake that burns some of the fees and that has endogenous fee markets from DA and settlement?

Or is it something that's proof of work, you know, powered by electricity?

Like, I think you construct, you can construct arguments for both.

1 argument for Bitcoin is that, you know, energy prices are going to go to 0.

Like maybe, but it seems like energy prices are going to go higher.

And so what are the like the bullish things that ETH has going for it?

It's an extremely lightweight internet money that has a lot of users that people use in different transactions and that is gaining a monetary premium across chains.

I still think about that over the fullness of time.

And ordinals are cool and lightning is cool, but it just doesn't add up economically.

So that's kind of the last thing that I have to say about it.

Let's go to another story that's related to the ETF, which is the New York AG this week filed a claim against a couple of companies where they argued that 1, Gemini, misrepresented its earned product.

They said that Gemini marketed their earned product as liquid and safe, and that it was not.

But even more powerful is they said that Genesis, DCG, and they kind of called out 2 folks in particular, Barry Silbert and Michael Morrow, quote, disguised 1.1 billion in losses through a months long campaign of misstatements, omissions, and concealments.

Would love to get your guys' take on this.

Well, but what they're asking for, which is probably a huge blow, obviously, is that the people involved would not be able to sell securities in New York ever again.

So I think 1 of the important things that wasn't really tweeted about was 230.

They specifically called out 230,000 investors.

So this is not, I think in like media terms, it's not a B2B case, this is a B2C case.

They're talking about the 230,000 investors that got crushed from Genesis and then inherently Gemini.

Yeah, it's all via Gemini, but Genesis was the back end.

Remember, Genesis was the only party, the only counterparty to Gemini, Gemini earned product.

Let me pull up these, Look at these crazy stats.

And 21 billion of notional derivatives traded.

Just, I was saying this to Santi earlier today, like, I think people who were around in crypto in 2013 and 2014, remember Mount Gox as like sitting at the middle of everything in crypto, but people who come into crypto today is like Mount Gox is almost this mythological thing that like, you can't really put, it doesn't really, like, you can't really like imagine it for people who come into the industry now and forever after Genesis will just be this like thing that like they never really felt, but for Genesis sat at the middle of everything in crypto.

Any CeFi product that offered a yield, Babel or Gemini or BlockFi or any of these products, Genesis sat behind that.

So those numbers fit with the FTX case too, right?

It's like 13 billion lent by them, another couple billion from Voyager, another couple billion from Celsius, another couple billion from BlockFi, there's probably 20 billion of aggregate credit created by these, you know, now bankrupt entities.

And the, I read a little bit of Letitia James.

She's the AG for New York charges against Barry and Co.

At 1 point, I think it was at this point, 60% of all loans were to Alameda.

All of the loans through Gemini were to Alameda.

But it kind of punches a hole in the Gemini story that we're victims.

It's like, are you victims or are you people that are not doing any due diligence and trying to just offshore that risk to somebody else?

And I think to tie it all together with the ETF, if you can't issue securities in New York, can you issue like a GBTC ETF on the New York Stock Exchange.

So like, let's let's let's side all together.

Gary Gensler interview, you know, he's saying like, it's not about the security, it's about the issuer, we're gonna have to go issue by issuer.

Well, he said it's about it's about, you know, they're equally as important.

And so GBTC getting a conversion very different than a general spot ETF being approved.

And I think the only way that you can say that the institutional phase of crypto has started is if BlackRock or a bigger guy has the biggest ETF.

If it's still GBTC, I don't think that's enough of like a mission accomplished type moment.

So I would expect the GBTC stuff to get more pushed out somehow.

Do you I don't understand the complex legal arrangements that the DCG empire had?

I mean, is there a chance that this is a complaint against Genesis that GBTC and Grayscale would be firewalled from that and not impacted?

Because it so yes, there is a chance I don't understand exactly the separation.

Genesis was 1 of the subsidiaries, along with Grayscale, who creates GBTC.

You would assume that there is no way that if this happens that you'd be able to convert, but it's something that we won't know for a long time and probably is independent of the conversion itself for now.

I think the bigger point is, is this a reason to prevent an issuer?

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Blackrock CEO: Crypto a 'Flight to Quality' | Round Up