Like the race to bring the first crypto ETF to the U.S., the first ETF itself was not created overnight. It took several attempts to craft those early ETFs, mainly due to prevailing securities, tax and corporate law regarding structured products, managed investment schemes, mutual funds and derivatives. Crypto ETFs don’t have nearly the same universal buy-in across the financial community, so it is no surprise this has been marked with even more false starts and stumbles. It is enough to make one wonder whether crypto ETFs will ever be universally accepted: They may be too risky for the old guard and too centralized for the new one.

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