Bitcoin Needs a Safe Space for Redditors to Play
Exchange-traded funds are ideal vehicles for testing investment hypotheses, including cryptocurrencies.
Safely corralled.
Photographer: Lloyd Yearwood/Hulton Archive via Getty Images
Fervent demand for the Purpose Bitcoin exchange-traded fund launched in Canada last week is no surprise. But it does highlight that the Securities and Exchange Commission looks increasingly anachronistic in blocking similar products in its domestic market. The regulator should relax and let a thousand cryptocurrency products bloom in the U.S.
With Bitcoin almost doubling this year to trade well above $50,000 in recent days, regulators are understandably reluctant to be perceived to be legitimizing one of the most volatile securities the world has ever seen. Sunlight, though, is always and everywhere the best disinfectant.