Slowly, slowly, through the dusty grey-beige bureaucratic halls, the Ethereum ETF doth movth. And the fact ce puo si muove, is news in itself, because the timing is somewhat interesting.
Just days after Dalia Blass (pictured above), a former lawyer at the firm that advised the Winklevoss twins in their ETF bid, was appointed by Trump’s new SEC chair Jay Clayton as the ETF Chief, the Ethereum ETF filing is updated on September 5th.
The document is far too long, very bureaucratic, containing much general information with little interesting – we assume – so we don’t know what exactly was updated or changed, but they may have added more specific details and information because if we recall correctly the first filing was bare bones.
However, one interesting statement may be the fact that “the Bank of New York Mellon is the… custodian of cash of the Trust… Coinbase is the custodian of the ether of the Trust.”
We presume SEC has plenty of confidence in BNYM. Coinbase has never been hacked as far as we know, so the eth funds will probably be there as safe as they can be.
But with such names as Joseph Quintilian and Gregory DiPrisco, the founders of EtherIndex which is to act as a trustee for the ETF, you’d expect such small details to be taken care of at the highest quality.
As we assume are their lawyers because Quintilian appears to be a well connected Wall Street banker or trader. He is also politically involved, so being a board member of Concord 51, a political action committee that targets young professionals, primarily Republicans.
Jay Clayton, the Trump appointed chair, knows a thing or two about Wall Street bankers as New York Times detailed back in March. While Quintilian’s apparent support for Republicans may give the filing a more interesting dimension than the lawyer drafted document itself.
Because the decision to approve or not approve the ETF will most probably not be based on any objective consideration with such simple matters most likely taken care of, but on political considerations, including public policy.
Our new ETF Chief will have to decide whether she wants to send a strong signal to the millennial generation, of which she might be part of or not that far from that age group, and more importantly what exactly that signal will be.
Because she could do what her predecessor did and delay and delay the matter for years, then put the name of some delegate there.
Or she could take the podium in front of the world and tell them America is finally once again open for business. That this great nation where capitalism thrives welcomes innovation. That the land of the free will extend freedom to the new generation. And that the country of the brave will boldly go where none has gone before and not stand in front of progress, but embrace it with both hands to bring forth a new roaring 20s.
She can let us know that the Republican party, the party of Hayek, stands by innovation and supports it to the fullest extent. Not least because it is that innovation which has made America the promised land for many.
But on the regulatory front there’s much catching-up to do for the party of the free market. There’s sandboxes to set-up, new grants and research funds for innovative businesses, getting rid of that IRS double taxation, as well as forming a much smarter policy on ICOs.
How much of it they will get done before being distracted again by their two years long election process remains to be seen. Just as whether they will actually do any of it remains an open question.