Caitlin Long’s Concerns about Big Players and the SEC’s Role in ETF Approvals
Caitlin Long, CEO and founder of Custodia Bank, expressed concerns about the potential influence of big players like BlackRock on the SEC and regulators in terms of getting approval for a Bitcoin ETF. She discussed the shift towards a crony capitalist approach and questioned the SEC’s role in picking winners and losers.
Key Points:
- BlackRock’s entry into the crypto space is generating excitement, but Long raised concerns about a crony capitalist approach and the SEC’s role in picking winners and losers.
- Long acknowledged BlackRock’s history of successfully launching ETFs, but she proposed a different approach for Bitcoin ETFs.
- She suggested that people who own Bitcoin ETFs should also have the choice to redeem the actual assets, in addition to the issuer.
- Long discussed the potential for manipulation in a Bitcoin ETF, but noted that it may be less likely than in regular markets due to the use of blockchain technology.
- She explained that manipulation often stems from the lack of synchronization among Wall Street systems, but blockchain’s transparency can mitigate this issue.
Hot Take: Caitlin Long’s concerns highlight the need for transparency and fairness in the approval process for Bitcoin ETFs. While the entry of big players like BlackRock may bring excitement to the crypto space, it is important to consider the potential consequences of a crony capitalist approach. Allowing investors to redeem actual assets and leveraging blockchain technology can help address concerns about manipulation. The SEC should prioritize creating a level playing field for all participants in the cryptocurrency market.
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