Discussion

• @senwarren Elizabeth Warren on x

  The @SECgov is wrong on the law and wrong on the policy with respect to the Bitcoin ETF decision. If the SEC is going to let crypto burrow even deeper into our financial system, then it's more urgent than ever that crypto follow basic anti-money laundering rules.

• @ericbalchunas Eric Balchunas on x

  Vanguard banning all bitcoin ETFs from their platform

• @ericbalchunas Eric Balchunas on x

  While focus as been on bitcoin, a big takeaway is that ETFs continue to show they can handle just about anything. Here's a look at the trading profile of the spot bitcoin ETFs in Europe, where spreads and prem/disc have tightened. Expecting same in US over time. via @psarofagis […

• @jseyff James Seyffart on x

  Here's the #Bitcoin ETF Cointucky Derby data via trading volume on day 1 (more volume will continue for a little while). Total Volume was over $4.6 Billion with $GBTC about half of it. BlackRock & Fidelity went 1 & 2 absent GBTC. [image]

• @ericbalchunas Eric Balchunas on x

  HOME STRETCH: $IBIT has just passed $1b in volume today (will break $BITO's record) w/ group hitting $4.3b or $2.2b ex-GBTC (which isn't ‘new’ per se). Also good sign to see 4 issuers over $100m. Strong middle class in the works. Easily the biggest Day One splash in ETF history. …

• @notsleepy Tony Spencer on x

  @SplitCapital Wow. It is worse than I thought. I called and the answer I received was “Currently we aren't allowing those to be purchased as it doesn't fit with Vanguard's investment philosophy.” Me: “Ok but you let me buy GBTC in the past.” Him: “Yes I believe you can only sell …

• @ericbalchunas Eric Balchunas on x

  All told there were 700,000 individual trades today in and out of the 11 spot ETFs. For context, that is double the number of trades for $QQQ (altho it sees much bigger $ volume bc bigger fish use it) So a lot more grassroots action (vs big seed buys) than I expected which is... …

• @ericbalchunas Eric Balchunas on x

  $BITO smashed it's all time volume record in this historic day with $2b traded.. perhaps some is redemptions but I think more its that $BITO's liquidity will serve purpose in mkt maker for a while [image]

• @technologypoet Vanessa Harris on x

  Just fully transferred my retirement account from @Vanguard_Group to @Fidelity because Vanguard won't support Bitcoin ETFs, and appears to be manipulating the price of Bitcoin by only allowing people to sell GBTC, not buy. It's easy, takes just 5 mins. [image]

• @yugacohler @yugacohler on x

  I have 8 years worth of 401K savings at @Vanguard_Group from my time as an employee at Google. I will be rolling over these funds to @Fidelity. Vanguard's paternalistic blocking of Bitcoin ETFs does not fit in with my investment philosophy.

• @ericbalchunas Eric Balchunas on x

  The ETF Spaghetti Cannon is officially in effect. These huge first day numbers are going to inspire all kinds of product variations to get thrown at the wall.. h/t @MstarBenJohnson

• @iamdcinvestor @iamdcinvestor on x

  the thing is when @Vanguard_Group restricted GBTC trading on their accounts, which i owned and traded for years there (with a warning message attached to it) i assumed it was because GBTC was actually a not-so-great instrument prior to the ETF, with terrible tracking error at...

• @adamscochran Adam Cochran on x

  Pretty ridiculous that platforms are blocking access to publicly listed ETFs, approved by the SEC, listed on leading exchanges, and run by the largest providers in the world. You're a platform, not a parent. Do your job.

• @duczko @duczko on x

  Vanguard: “Bitcoin is not aligned with our values blablabla” also Vanguard: [image]

• @ericbalchunas Eric Balchunas on x

  While Vanguard has diverged from their Bogle DNA in some ways they on same page here, Bogle said to avoid bitcoin “like the plague” here he is in 2017 [image]

• @nategeraci Nate Geraci on x

  And so it begins... Grayscale files for covered call ETF. Actively managed exposure to GBTC & buys/sells call & put options that use GBTC as reference asset. Going to see all variations of spot bitcoin ETFs. [image]

• @jameslavish James Lavish on x

  Reports that Vanguard is completely blocking customer access to publicly-listed, SEC-approved #Bitcoin ETFs and customers can now only sell $GBTC. Interesting business choice.

• @iamdcinvestor @iamdcinvestor on x

  you know what? i'm not buying @Vanguard_Group ETFs anymore either where similar low cost ETFs from established competitors exist this company has way too much influence in shareholder votes across the stock market and they just gave a signal that they could trend dumb activist

• @patio11 Patrick McKenzie on x

  Wow, props to Vanguard. (They made a decision to not support buying the Bitcoin ETFs as they judged this was against the interests of their users. They will certainly lose business over this and know that to be true.)

• @mdudas Mike Dudas on x

  @patio11 How does blocking access to one of the best performing assets in the world since its inception more than a decade ago benefit Vanguard customers?

• @thestalwart Joe Weisenthal on x

  I didn't know this was a thing. How common is it for a brokerage to just decide not to list some commonly traded product?

• @adamscochran Adam Cochran on x

  Hey @Vanguard_Group, just so we're clear, you're delisting legitimate Bitcoin ETFs because it doesn't fit “your investment philosophy” But your fine offering $VWOB which is bonds from China, Saudi Arabia, Qatar and other nations with extensive human rights violations and... [imag…

• @gaborgurbacs Gabor Gurbacs on x

  @EricBalchunas It takes time for banks, brokerages and wires to approve new ETFs, let alone novel type of new ETFs. I believe it's just matter of time. Have seen this play out with alternative funds a few times. https://x.com/...

• @patio11 Patrick McKenzie on x

  @TheStalwart Extremely common over universe of brokerages; different brokerages have different appetites/criteria. Another thing you'll see, even more commonly, is differing margin treatment by product.

• @3orovik @3orovik on x

  BITCOIN SHATTERED ETF RECORDS Over $4.6 BILLION in volume on opening day! Gold ETF held the previous record at $1.63 billion on opening day back in 2004 [image]

• @ericbalchunas Eric Balchunas on x

  Bitcoin ETFs are like rap albums in the late '80s. Vanguard won't even carry them and here's JPM slapping a Parental Advisory label on $IBIT

• @eleanorterrett Eleanor Terrett on x

  🚨NEW: Turns out the @SECGov DID hold a vote on the $BTC Spot ETFs. Here's the voting breakdown: Gensler: Approved Peirce: Approved Uyeda: Approved Crenshaw: Not Approved Lizárraga: Not Approved [image]

• @iampaulgrewal @iampaulgrewal on x

  We should all be grateful to @Grayscale for pushing back against the SEC's arbitrary and capricious behavior, and clearing the way to get these spot BTC ETFs over the finish line. And of course to the DC Circuit, for affirming that the rule of law must prevail over politics. 2/3

• @laurashin Laura Shin on x

  Some key quotes from @HesterPeirce's 🔥🔥🔥 statement on the approval of spot Bitcoin ETFs (honestly makes me wonder if it's ever awkward in the SEC office 😂): “Today marks the end of an unnecessary, but consequential, saga.” “For reasons I have explained many times before,...

• @brian_armstrong Brian Armstrong on x

  .@Grayscale deserves a huge amount of credit for today, pushing this through the courts Absolute legends

• @brian_armstrong Brian Armstrong on x

  “[W]e have alienated a generation of product innovators within our space. Our unreasonable approach to these applications has signaled that regulatory prejudice against new products and services can lead us to sidestep the law and unreasonably delay product launches. The industry…

• @nic__carter @nic__carter on x

  it was the judicial system that did this despite the best efforts of the executive. the courts are our friends.

• @kamikaz_eth @kamikaz_eth on x

  I like truly cannot believe after all this, two SEC commissioners still voted against the spot ETFs It's like the states removing Trump from the ballot - it's just a total breakdown of government Check and balances, nothing works at all if individuals just stop caring about law

• @riabhutoria Ria Bhutoria on x

  Hester Peirce quoting Lady Macbeth in the title of an official SEC statement is why she is the GOAT [image]

• @fintechfrank Frank Chaparro on x

  Wait Gary Gensler approved a spot bitcoin etf? Didn't everyone here say he hated crypto?

• @dogetoshi Steven on x

  They only approved it cuz they lost. [image]

• @laurashin Laura Shin on x

  Finally Commissioner Caroline Crenshaw released a statement that she disagrees with the approval order: The Global Spot Markets Underlying the Bitcoin ETPs are Marred by Fraud and Manipulation, Concentrated, and Without Adequate Oversight “Fraud and manipulation that impacts...

• @laurashin Laura Shin on x

  💥 Commissioner Mark Uyeda also has strong words for the SEC — it's wonkier, but starts: I have strong concerns with three aspects of the order (the “Approval Order"): [2] 1) The Approval Order improperly attempts to validate the application of the “significant size” test to...

• @adamscochran Adam Cochran on x

  This is what a reasonable regulator (and someone capable of their job) looks like. A fair and balanced application of the law, and a willingness to self-critique. Respect. 🫡

• @adamscochran Adam Cochran on x

  Has anyone updated Gensler's Wikipedia page yet, so it is always known that he is the one who approved Bitcoin ETFs? I'm sure he'd hate that! 😁

• @nategeraci Nate Geraci on x

  And to Eric's point, regardless of what you think about Grayscale... This particular “conclusion” by the SEC was the thrust of Grayscale's case, which they won. They paved the regulatory path for everyone else. https://x.com/...

• @ericbalchunas Eric Balchunas on x

  Congrats to Grayscale btw, they are why all this happened. They fought the law and won. Even so I was doubtful they'd make it to starting gate but they have. Now I owe @JSeyff and @NateGeraci a sushi lunch.

• @tyler Tyler Winklevoss on x

  You're absolutely right that the @SECGov was wrong on the law and that's why the judiciary set them straight and left them with no choice but to approve Bitcoin ETFs. Pass a law if you don't like it, but you've only passed 1 your entire decade as a Senator so good luck with that!

• @eleanorterrett Eleanor Terrett on x

  Does this mean her friendship with @GaryGensler, deciding voter on the policy, is over?

• @nic__carter @nic__carter on x

  @SenWarren @SECGov court decisions have consequences follow the law

• @adamscochran Adam Cochran on x

  Hi Lizzy, can I call you Lizzy? As a law professor, and a senator serving on the Banking Committee, one would hope you know how this works. While the SEC as a rulemaking organization may provide its guidance and interpretations of the law, it does not set or decide that law....

• @matthew_pines Matthew Pines on x

  Sen. Warren doesn't want “basic anti-money laundering rules” on crypto. She wants to ban permissionless blockchains in the US. She wants all crypto network validators, developers & providers of “unhosted wallets” to register before publishing code or relaying network data. No.