IN TODAY'S ISSUE:Hopes rise for an imminent approval of an ETF, but a final decision may still take some time. The industry is now feeling a heightened sense of urgency, as the possibility of a government shutdown looms. While the industry is undeniably excited about the prospects of an approved ETF (as are we), it may be necessary to temper short-term expectations. Failures of centralized organizations within the ecosystem, such as FTX, serve as stark reminders that unethical or illegal business practices introduce significant risks to any asset class, be they digital assets or not. We have long advocated for the industry to prioritize counter-party risk assessment, whether that be service providers or the digital assets themselves, through insecure technological or economic design.