Bitcoin ETFs cleared the regulatory bar in 2024. Now it is the bar for other crypto assets. Last week, the SEC approved options on multi-crypto trusts based on these prerequisites: - Each asset in those trusts has to independently clear the $700M average daily market cap threshold - Each asset has to meet the ISG surveillance standard that Bitcoin had to meet for its spot ETF approval For years, Bitcoin ETF applications were rejected for having no regulated surveillance mechanism to catch manipulation. Bitcoin resolved that through CME futures and ISG membership. Now, this is becoming the standard for other crypto assets as well. I've spent 4 years building regulated financial infrastructure for Bitcoin. What I've learnt is that compliance is not overhead, it is the moat. This SEC update is another reminder that the regulatory path is the only way forward.