Guys, the recent repeal of the SAB 121/SEC regulatory standards that clearly hold companies and banks accountable for cryptocurrency custody. This was, in my opinion, a MAJOR issue that was too quickly overlooked and also something that popular media has labeled as “ a victory” for the decentralized world. This is a grave mistake, if you look closer you will find that ALL the congress members that were in support of the repeal were also defending the sole interest of any company/ bank to hold and take custody of cryptocurrencies WITHOUT having to place those assets on their balance sheets…. This means that liability and accountability for set companies/ banks is out the window.
“Crypto is not on their balance sheet and if crypto goes to zero, the impact to their financials will be negligible," Lee Reiners, a lecturing fellow at the Duke Financial Economics Center, told the Financial Times.
So what does this mean for bitcoin ETF’s? Well basically, since the Bitcoin that is held by these companies to back those ETF’s can, basically, be considered as void?…. Just an asset that does not have any proper/ legally registered backing and is being sold to millions through popular stock exchange…. Think about it…
What exactly are you buying?
