"Bitcoin ETF Approval Sparks Frenzy: SEC Comments and Bear Case Analysis"

Steven McClurg, the cofounder of Valkyrie, a crypto asset manager, anticipates the approval of spot Bitcoin ETFs by the SEC on Wednesday, expressing optimism and detailing the extensive work put into the filing process. He believes the ETFs will become effective for trading on Thursday and discusses the advantages of cash versus in-kind redemption models for ETFs, as well as the competitive fee landscape among issuers. Despite concerns about intermediaries and centralization, McClurg sees Bitcoin ETFs as offering options that align with the broader ethos of Bitcoin, catering to both institutional and retail investors.