Part 7/14:
One of the biggest hurdles for Bitcoin’s mainstream adoption in the U.S. remains regulation, especially regarding spot Bitcoin ETFs. Ryan criticizes Gary Gensler and the SEC for what he views as regulatory hostage-taking—delaying approvals to maintain control and oversight, often for political reasons tied to figures like Elizabeth Warren.
He criticizes existing trusts like Grayscale—which trade at discounts—and laments that spot ETFs remain blocked, despite other countries like Canada already offering them. Ryan argues that the SEC’s approach is politically motivated rather than grounded in investor protection, making the path to broader institutional investment slow and uncertain.