The author reflects on the current state of the cryptocurrency industry, expressing a sense of disillusionment. They discuss the lack of regulatory clarity, inflated altcoins, and the dominance of Wall Street-approved ETFs. The author feels the industry has strayed from its original mission to revolutionize finance and address societal issues. They mention two thought experiments that bring hope: Travis Kling's critique of the industry and an interview about positive progress in stablecoins. The author also highlights the SEC's settlement with eToro, suggesting that it signals that ether is not considered a security. Grayscale Investments adds an XRP Trust, potentially paving the way for an XRP ETF. However, the approval of more crypto ETFs is dependent on various factors, including regulatory developments and the outcome of the upcoming election.
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