0/ I have a friend or two at @jito_labs & @jito_sol, and given the positive changes in the regulatory space, we put our heads together to make a small contribution to the discourse.
First, most people are probably not aware of how big of a sea change has happened at the @SECGov under chair Atkins (and with the stalwarts like commissioner @HesterPeirce having keep the light on before he returned) with regard to regulation of crypto. The SEC has refocused on something that was lost under the previous Gensler regime: good rules leading to good consumer protection.
So let us talk ETFs (or ETPs, if you want to be technical, since there are some lawyers in the crowd): they are just wrappers. It's a box, and inside the box is the thing people want to invest in. ETFs have been used for a lot of things: bonds, gold, stocks, bitcoin. Now, to further the mission of allowing the average American investor to access assets with all the bells and whistles of securities law protection, the SEC has promulgated standards for crypto ETFs.
First of all: good work. This is the mission of a financial regulator, and it's a beautiful thing to see the current SEC executing on it.
Second of all: this creates a lot of fascinating downstream questions. One of the big ones is what to do with staking. There are options! You can simply not do it (easy, but also means you lose out on percentage points of return annually). You can stake directly. You can stake through a service. Or you could use a liquid staking token.
To me, as someone who has run registered products before, the real question is "how do these things work and what are they", or to simplify it even more, "is there a functional difference between SOL, staked SOL, and liquid staking tokens for SOL", to which my answer is "I'm an academic and that's a knowable question!"
The answer is this paper, showing that (properly constructed) LSTs might actually get the best of both worlds for ETF (or ETP, sit down lawyers) investors, but at a bare minimum, they are all viable and equivalent options.
We hope you enjoy it.
@RebeccaRettig1
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