The news that the Securities and Exchange Commission (SEC) “will not block” the approval of 4 ETFs underlying Bitcoin brings several important points to the table.
First, this constitutes a de facto unbundling of what was once a virtual currency related issue by the regulatory body. Second, while CME futures are not directly Bitcoin, this event unquestionably gives access to countless more potential participants in the digital market, as futures sooner or later turn to the spot market to liquidate positions. Third, “indirect” regulation, through futures or funds, is preferable to that which could aim to regulate the means of payment directly, because this would threaten access to the nearly 3 billion unbankable global inhabitants, who could formalize peer-to-peer transactions from a smartphone, opening up a world hitherto unknown to them. That is the ultimate goal. We are still waiting for great things for humanity, through Bitcoin.