Bitcoin ETF Nears Approval as SEC Weighs Physical Redemption; Congress Divides on GENIUS Act amid Market Turbulence

Bitcoin ETF: The Real Signal Behind the Noise

The SEC’s renewed interest in physical redemption for Bitcoin ETFs isn’t rhetoric—it’s data-driven. BlackRock, Fidelity, and others have submitted applications that demand more than just liquidity; they demand auditable, on-chain collateral. Hester Peirce’s recent remarks suggest the mechanism will ‘肯定会在某个时间点出现’—but not because of hype. It’s because custody infrastructure now meets fiduciary standards. This isn’t about speculation. It’s about capital efficiency.

GENIUS Act: A Regulatory Fault Line

Meanwhile, Congress is fracturing over the GENIUS Act—not because it’s too complex, but because it forces stablecoin issuers like Tether to back their reserves with cash or short-term U.S. Treasuries. That’s not innovation; it’s regulation by proxy. If Tether must file annual audits under BaFin-level scrutiny, its $150B market cap becomes a liability—not an asset. This isn’t about control; it’s about systemic risk.

DeFi Meets RWA: The Quiet Revolution

Grove just secured \(1B to tokenize commercial real estate debt via Centrifuge. Ethena Labs settled USDe redemption with BaFin—a quiet but pivotal precedent. Crypto.com Custody now carries \)120M in crime insurance from Aon—this isn’t security theater; it’s risk transfer at scale.

The Bigger Picture: Demand Still Strong

BTC inflow/outflow ratio remains elevated—same as late 2023 peaks. NEAR community voted to cut inflation from 5% to 2.5%. Kraken earned MiCA license across EU—compliance isn’t optional anymore.

This isn’t a bull market echo chamber—it’s an institutional reallocation of capital into digital primitives.