The Future of Exchange Regulation
summary
European MiCA unleashes bank participation and drives white‑label offerings, while US banks largely refuse service, creating on‑ramps bottlenecks. Spot ETFs generate huge retail inflows and legitimize ownership; asset managers use authorized participants sourcing Bitcoin via Coinbase Prime and exchanges and some OTC. A dominant basis trade currently locks in 10–15% annualized yield, shifting price discovery into futures. Market response includes building an FX‑style ECN to compress spreads and cut trading costs dramatically.
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chapters (9)
- 0:00Regulation Challenges in the United States
- 2:06Market Structure for Institutional Participation
- 4:23The Importance of Market Structure and Liquidity Pools
- 6:27Impact of ETFs on Market Structure
- 8:27The Role of Asset Managers and Authorized Partners
- 10:35The Impact of the Basis Trade on the Futures Market
- 12:40The Move to Futures Trading
- 14:44Opportunities in the Crypto Industry
- 16:41The Need for Clear Rules in the Industry
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