Old financial news headlines once bandied about descriptions of ETFs as “financial weapons of mass destruction” that threatened to annihilate the very fabric of American capitalism, Matt Hougan says.

“There were congressional hearings, literally about ETFs destroying American entrepreneurialism and ending the American dream,” the Bitwise CIO says. 

Before the advent of ETFs, Hougan explains on the Empire podcast (Spotify/Apple), people mostly invested through mutual funds, allowing them access to the market just once a day.

This created a “shared collective experience of taxation,” Hougan explains. If an individual sold their mutual funds, all the remaining investors…

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