The last time I talked about crypto was March of last year, following the SVB bank run. I complimented the NCUA because its go-slow approach to approving cryptocurrency-related activities for credit unions had largely been vindicated after all. When the fraud of Sam Bankman-Fried was exposed, the credit union industry was unscathed, even as three large banks needed to be conserved. At the time I would have gladly bet you that cryptocurrency was about to go the way of the tulip market in 1637, another example of a financial frenzy replacing common sense with greed.

Unfortunately, the same guy would have gladly bet you that the Cleveland Browns and Dallas Cowboys would win this past weekend. For better or worse, last week the SEC gave into reality when it approved the sale of ETP funded Bitcoins on the registered securities market. This development gives your members, many of whom are at an age when they want to maximize their income while bracing for retirement, another convenient way of investing in Bitcoins. After all, they don't even have to figure out how to set up a digital wallet.