Buried in [an article on yahoo finance](https://finance.yahoo.com/news/biden-administration-crypto-regulatory-framework-092500388.html) yesterday about crypto regulatory framework was this little gem:
Crypto ETFs are obviously beneficial for the space and other countries have already approved them. If you’re wondering why beneficial, two reasons: (1) retirement accounts and (2) boomers. If someone has difficulty installing a printer or keeps their password “password123” on a post-it on their monitor, honestly, an ETF is probably a better idea than a private wallet holding their life savings.
1. **Nanny State Argument**: We don’t want to let people invest in this because it’s risky and we need to protect people from decisions we consider bad.
2. **Evil Fed Argument**: We don’t want to let people invest in this because it will speed up debasement of our fiat currency and we want that to happen slowly.
Both of these arguments are obnoxious and if (as reported) people at the SEC are arguing against crypto ETFs, they should be making these arguments publicly. If they want to say “I want to decide how you spend your money because I don’t trust you with it.” Fine. Say it, so we can say, piss off. If they want to say, “I want to decide how you spend your money because we do not want you to have an escape valve from the slow collapse of fiat,” fine, say that too, so we can again say piss off.
I understand the gossip is that they will likely approve crypto ETFs in the future, but I still want to know who on the commission stood in the way so I can direct my middle finger at them. (And more practically, if one of these people is nominated to some other position of trust in our financial system, I want this effort of theirs to haunt them.)
tl;dr – Some members of the SEC are passionately arguing against crypto ETFs. Screw them.