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big news today as Kathy Wood starts to exit the ethereum ETF race and we'll break all this down for you what this might mean for ethereum and is there another alternative amidst we'll take it all in my name is Paul bar welcome back into Tech path before we get started I want to thank our sponsor and that is Wilder world if you're looking at a new dimension of reality check out Wilder world of course uh go over and follow him on Twitter this is a good spot to kind of catch up with what they're doing they had a huge event in Austin which one which was one of the biggest events there during consensus uh Wheels Arcade in Austin you guys can kind of see some of the footage right here but they had a lot going on uh in terms of games uh presenting a lot of the new features within Wilder world and definitely I think one of the leading uh projects out there in web 3 so make sure and check it out we'll always leave some links down below let's jump to this first tweet right here of course everybody saw this on Friday afternoon late in the day and that is of course President Biden bowed the bill that allows highly regulated Financial firms known as Banks to hold Bitcoin and crypto so basically this was Saab 121 uh issued by the SEC President says Nope going to hold the current situation sec's position is the same and that is banks will not be able to do that that occurs of course happened all during the end of the week he had I think till maybe Monday or Tuesday this week to actually do it but he went ahead had uh vetoed it out there uh at the end of last week couple other points right here Elanor terret hitting on this apparently my wording was a little confusing so I'm G say it again the American Bankers Association asked Biden not to veto sa21 siding with crypto so the banks wanted in and I think maybe crypto wanted the banks I'm not completely sure on that but the point is is that when you look at the American Bankers Association saying yes uh that was a pretty big statement by of course the president and the administration now how much of an effect does this really have on the current bills that are in place this would include fit 21 along with the stable coin Bill and many others that will probably be playing out before the uh November election here's of course an analyst Bernstein uh doubting that political influence in sec's spot ethereum ETF approvals are going to happen after Biden's veto so what his point is right here I'll kind of scan down in here given the President veto the sa 121 repeal the political narrative looks less credible and less likely that the SEC took a more pragmatic approach and avoided a legal battle so basically saying hey we don't want to fight this out we're going to go ahead and you know push the E ETFs through and off we go the SEC knew it was in a corner on the E ETF in the same regulatory setup as Bitcoin which was proven and is now a huge success of course and the CME uh eth Futures Market already signifying a commodity status so that even makes it even more so uh overall couple of points that many people on X were kind of talking about here of course is bankless kind of Hing on this Biden just vetoed the only Pro crypto bill ever to come across his desk yeah it's the first one really this was a layup sa 121 the anti- crypto rule put in place by gendler to stop Banks from holding uh crypto hates it the banks hate it and uh all he had to do was not veto it and you were in this will cost the DS now this is the question mark this position right here cuz many people just simply say right now we've got three candidates you've got Kennedy you've got Trump and you've got Biden many people would simply say well all right this tells us clearly that Biden is anti- crypto Trump is now Pro crypto and Kennedy is somewhat Pro crypto so how will the narrative play out especially in this election as we start to see things going forward here's Nate gasi kind of hitting on this a lot of Wall Streets uh dismissed crypto so this is another factor that plays into this they feel like they're above it or perhaps threatened by it but ironically many of the biggest mins he knows are actually involved with or at least highly intrigued by crypto and he's going to bet on those mins so if you've got a lot of really smart people in Wall Street starting to lean this way you've got pretty much the masses a lot of retails 50 million Americans starting to lean this way are we destined for a battle this summer around things like fit uh the fit bill as well as even the stable coins bills as they play out here through the summer election months all of that I think is still going to be uh giving us a narrative going forward now I want to look at a clip real quick because this is talking about whether or not fit 21 can even get through take a look the Biden Administration didn't come out and say back fit 21 but they didn't come out with as strong an opposition to fit 21 as they did with the Sab 121 repeal where they came out with a pre pre to stance so you're seeing just in a very short time period um a steep decline in the vehement of the Biden Administration against you know being anti- crypto so all of that is great to your to your shorter question about whether we see anything happen this year on fit21 I don't think unfortunately we'll see anything with fit 21 this year but that's just quite simply because we're running out of time in the Congressional calendar and we are in a presidential election year which shortens it more than is ordinarily the case however just the fact of fit 21 passing on the house floor a bipartisan passage and the number of folks that brought a you know a yes vote for it is tremendous progress I think the tremendous progress is coming for very simple reasons as it does with all you know situations in DC when you see movement going quickly and happening so fast because that's been kind of the statement of me is that what changed what really changed in DC to cause a lot of this well part of what changed was this right here coinbase donating 25 million to crypto Lobby group Fair Shake now one of the biggest ones out there I'll play something in a second but this is following Ripple and a16z one of the biggest you know Venture funds out there that are investing in this couple of points within this latest donation coinbase brings their total funding to 160 million right now so that's a big one because remember they had already allocated like another 40 million uh back to PR to back crypto and proc crypto candidates so already in the cycle you've already seen this much money starting to hit DC imagine what's going to happen as we start to really accelerate towards the election this clip goes into a little bit more about that and that's the size of the current crypto Lobby take a look I think it's really interesting how the crypto Community is getting organized into a basically a Lobby to advocate for its interest because they the bigest lobby America did you know that yeah they've been so targeted over the last few years because gendler and Warren have been on a crusade to basically make crypto illegal or drive it offshore well every action has a equal and opposite reaction and now the crypto people have basically had a political Awakening and realized they have to get involved in the political system yeah just as a matter of Defense self-defense you know back to the young people we talked about in the previous story I think the reason they're attracted to crypto is because it does doesn't have government control and since if you don't trust the government and you see the government over and over and over again cover things up or the grift or make decisions that are not in your generation's best interest why wouldn't you opt out of their financial system and you know what there's a lot of them and they have they're getting organized your point act if young people show up it'll be it'll be it could be 500 basis points I mean young people do not show up to vote because there isn't an issue that they care about correct but there's 50 million Americans that own crypto 50 5 Z okay so if 10% of them are like let's say that's their single issue that's five million votes no no no there's a there's a plausible case where 40 million of those folks show up because you're talking about a structural part of their wealth creation so they hit on on really the uh potential here in terms of the impact on the election side of things but it also starts to move into the investment appetite and this is where Kathy Wood comes into play because this is where it ties in in what's happening within the eth ETF I'm going to go to this story right here Arc invest out of the ETF race for eth ends their Partnership of 21 shares now there's a couple of points that you could look at right now and simply say remember when Arc stepped out part of that was in uh response to or we could assume that is in response to the fact that staking was removed off of the table for putting this Within These ETFs if that is in fact the case and we already have seen VAR successful staking security products out there if you go back and look at fiddle go back and check one of our own interviews with Biddle right here out of Miami and what they've been doing uh with black rock could Kathy be kind of queuing up something like that are we in a position right now where Arc could be looking at a whole new structure to get into the staking game of all of this because there's a couple of things that are happening that kind of tie this together one of course is this right here ethereum ETFs may have ended the sec's war on crypto now remember SEC is the one that is very anti- staking the whole concept around that even though we know many of these other security assets when you start to bundle them come together under the SEC for approval much like what we saw with bidd this of course I think also lines up very interestingly with with where Arc could be going down the road with maybe a new product so if you look at the approval of the spot ETFs um was the CH kind of the chef's kiss on what could be described as a banner month for crypto policy and the move could severely undermine the sec's ongoing crypto Crackdown the reason I say this if you combine this with the political appetite you combine this with a whole bunch of people owning crypto and voting Pro crypto and then starting to look at trying to find assets that they can invest into Kathy Wood could be lining up with the right product at the right time in the right political environment in the right regulatory environment everything starts to kind of come together I want to go further into this and this of course is right here Eric balunis he was talking about 21 shares doing the EF solo now Arc obviously dropped out document name but they're still remain as partners on the Bitcoin in the Futures remember last week we played a clip that Kathy Wood basically said hey we're losing money on the Bitcoin ETF and we know it she made some interesting statements in that interview that we played and that was we think there's some other options if that is the case maybe this starts to line up and remember if you kind of think about what 21 shares is looking at in terms of other options which is what is the highest potential candidate for that look at who is the staking leader in their Holdings right now on 21 shares it would be salana so all of this starts to play into some very intriguing things that are setting up point is there's a lot of chess moves playing out right now politically Regulatory and also from an invest category because we are now seeing really the 12 sector being formed right in front of our eyes so a lot happening out there for sure this is a clip going in to kind of reiterate on this very point this is Bloomberg take a look the importance of a of a spot e ETF I'm going to push back on that slightly Ed and my personal view is that we're not going to get a lot of demand for this product it's not a good product bottom line it's great news for the industry and that it increases a awareness and it brings in institutional funds that cannot invest in anything that is not listed on a regulated exchange but as for is this a good product it's not going to be Distributing staking rewards which means that anyone investing in this product is foregoing roughly a 4% yield for many that's a convenience fee but for professional investors that's a hefty cost to have to justify to your clients all right and you could say all right well she is right yes if you are investing in eth you've got a lot of different options out there other than going into an ETF where you can get staking rewards where you can go in and just play the mar open markets yeah all of that is quite a bit different than when you're looking at something like a Bitcoin ETF so all of this plays together you look as I said we've kind of painted up a scenario here of regulatory the political landscape and the potential here for a new investment category starting to play out could Arc maybe get a leg up because they've been kind of going head-to-head with black rock on the Bitcoin ETF and they've lost is this maybe they open window taking something else out in terms of an Innovative product item we'll see how all this plays out uh but of course we'll bring more to you guys and cover all of that right here on the channel if you're not in the diamond circle make sure and get in right now it's a great place to get additional content of course if you're not following me on X do that it's just at Paul Baron we'll catch you next time right here on techb
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