Empire Newsletter: Gensler takes aim at crypto exchanges

ETFs as a Trojan horse

“Why shouldn’t there be a BONK ETF?” asked Jim Cramer of Gary Gensler on CNBC yesterday.

And it wasn’t even just BONK. The Mad Money host also made the case for ETFs backed by sushiswap, polkadot, cardano (he called it “cordano”), immutable, ronin and osmosis and myneighbouralice.

“[They have] all traded millions—I’m talking millions of dollars this very morning … I would think that BONK is a natural, and osmosis… shouldn’t we have some sort of product?”

Gensler sidestepped by redirecting the question to the matter of disclosure. Today is the SEC’s 90th birthday, he said, and reminded the audience (talking into the camera) that…

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