In this episode of Bits + Bips, hosts James Seyffart, Alex Kruger, and Joe McCann, along with guest Hal Press, founder of North Rock Digital, dive into the intricate challenges of pitching the ETH spot ETF to traditional finance and the Federal Reserve’s anticipated next steps. They discuss why Biden vetoed the repeal of SAB 121, and why that veto lends credence to an alternative theory as to why the SEC approved Ethereum ETFs.

Also, they talk about why the spot ETH ETFs are already turning out to be different from the Bitcoin ETFs, Hong Kong's (and perhaps China’s?) crypto ambitions, recent U.S. macroeconomic indicators, and whether or not Roaring Kitty’s recent antics with GME stock are illegal—and how he’s impacting memecoins.

Show highlights:

Why Biden vetoed the repeal of SAB 121 and whether it was priced in
The recent political change around crypto and the surprise Gen Z celebrity who could swing the U.S. presidential election
The impact of the Trump conviction on the crypto industry
Why ETF issuers were caught off guard with the spot ETH ETF approvals
Whether Bitcoin ETF buyers will rotate to Ethereum, and when the products will launch
How the ETH ETF will be pitched to TradFi
Why Alex thinks ETH/BTC will go up
How Hong Kong is trying to become the Wall Street of crypto, according to Joe
The recent macroeconomic indicators in the U.S. and their implications for crypto
The massive glitches in the NYSE that showed Berkshire Hathaway going down 99%
Whether what Roaring Kitty is doing with the GME stock is illegal

Hosts:

James Seyffart, Research Analyst at Bloomberg Intelligence
Alex Kruger, Founder of Asgard
Joe McCann, Founder, CEO, and CIO of Asymmetric

Guest:

Hal Press, Founder of North Rock Digital

Links

Politics:

Unchained: President Biden Vetoes SAB121 Repeal
Unchained: FIT21 Bill Heads to The Senate: Should We Really Be Excited?
POLITICO: Crypto super PACs get $25M boost
Fortune: Coinbase donates $25 million to super PAC Fairshake days after Biden vetoes crypto custody bill

Ether ETFs:

Hong Kong

Bloomberg: Hong Kong Says 11 Crypto Exchanges Are Closer to Getting Permits

Other recent events:

TIMESTAMPS

00:00 Intro
01:59 Why Biden vetoed the repeal of SAB 121 and whether it was priced in
08:43 The recent political change around crypto and whether this particular Gen Z celeb could swing the U.S. presidential election
12:07 What the impact of the Trump conviction had in the crypto industry
15:38 Whether Bitcoin ETF buyers will rotate to Ethereum, and when the ETH ETFs will launch
25:53 How the ETH ETF will or should be pitched to TradFi
31:02 Why Alex thinks ETH/BTC will go up
32:48How Hong Kong is trying to become the Wall Street of crypto, according to Joe
36:27 The recent macroeconomic indicators in the U.S. and their implications for crypto
45:15 The massive glitches in the NYSE that showed Berkshire Hathaway going down 99%
49:26 Whether what Roaring Kitty is doing with the GME stock is illegal

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Episode Forty-Nine: Dave Kroyer