Delaying a Similar Fund
Recently, there has been a move to delay a fund that is similar to the one sought by Ark and 21Shares. This is due to regulatory uncertainty surrounding cryptocurrencies. Some analysts and even a federal judge have proposed that Congress should be the one to find a solution to this issue. Congress is just returning from a long summer recess, and progress on new stablecoin legislation and crypto rules has been slow so far.
‘Power Law Advantage’
In a comparison made by Ark’s Winton, the actions taken to hinder the rise of bitcoin are similar to targeting language translation technology because it threatens the dominance of English. According to Winton, both technologies, when adopted more easily, further strengthen the advantage held by the English/dollar system. As a result, everything else becomes interchangeable and commoditized.
Hot Take
It is clear that the regulatory landscape surrounding cryptocurrencies is still uncertain. The delay in approving similar funds and the slow progress on legislation and rules indicate the need for a comprehensive solution. Congress may be the key to resolving these issues. However, it is important to consider the potential consequences of stifling innovation in the crypto space. While addressing concerns is important, it is equally crucial to foster an environment that allows for the growth and development of new technologies.
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