Law of Code #164 - Greg Xethalis on market structure legislation, history of crypto ETFs
Dec 9, 2025
Greg Xethalis, General Counsel at Multicoin Capital and board member of the Blockchain Association, dives deep into the world of crypto legislation. He shares insights on the origins and impact of ETFs, particularly the first Bitcoin ETF, revealing the SEC dynamics involved. Greg highlights the importance of the CLARITY Act and RFIA for creating effective crypto regulations and discusses the challenges of disclosure in decentralized systems. He argues for principles-based regulations to foster innovation while addressing who should bear responsibility for token disclosures.
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ETFs Brought Mass Market Access
- ETFs converted mutual-fund exposure into intraday, accessible instruments that broadened market participation.
- That wrapper enabled cheap, regulated access to hard-to-reach assets like gold and later crypto.
The Long Road To The First Bitcoin ETF
- Greg described writing the first Bitcoin ETF S-1 starting in late 2012 and filing July 2013.
- The product only launched many years later, showing how long regulatory processes can take.
Bootstrapping Disclosure From Forums And Scholarship
- Greg dove deep into Bitcoin forums and academic writing in 2012–2013 to craft the first financial-market disclosures.
- That early research and collaboration with others shaped ongoing crypto fund disclosures.