Merryn Talks Money Crypto ETNs: How Dangerous Are They?
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Oct 15, 2025 Discover the FCA's pivotal decision to lift the ban on crypto exchange-traded notes. Explore what ETNs are and how they differ from ETFs. Delve into the risks associated with crypto ETNs, including counterparty and asset custody concerns. Join the debate on crypto's role in investment portfolios and whether it should be treated like gold. Find out which cryptocurrencies will be featured in these products and learn about the suitability tests for investors. This insightful conversation examines regulation, market evolution, and potential impacts on retail investors.
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FCA Reversal Reflects Market Evolution
- The FCA lifted its 2021 ban on retail crypto ETNs because the market evolved and products became more mainstream.
- Regulators now aim to offer choice while adding protections to help consumers assess risk.
Regulation Changes Have Political Drivers
- Political and growth agendas influenced regulatory loosening alongside market changes.
- Merryn and John suspect ministers pushed regulators to appear more growth-friendly.
Listed Crypto Treasuries Changed The Market
- Crypto treasury companies offering listed exposure made ETNs less unique and pressured regulators to catch up.
- ETNs offer a more regulated, non-leveraged route compared with many treasury-style shares.