Saw this headline all over the media today. It is important to remember that at this point, this is just an inquiry, not an investigation. They are also only looking at investment banks and how they handle SPAC deals, not the structure of Special Purpose Acquisition Companies (“SPACs”) themselves. Though SPACs have been around for a while, the way they are now being used and the magnitude is a new phenomenon. Regulators need and should try to wrap their heads around what is going on, especially when it comes to issues such as reporting and compliance, in order to determine how and if to regulate it. Just like any other investment, there is a right way to invest in SPACs and a wrong way.

Fidelity Plans to Launch Bitcoin ETF

This was the other major headline today. The SEC hasn’t weighed in on these things in the past, but would Fidelity be trying if they didn’t think they could get it through? I would be careful here: a major part of forward-looking due diligence is asking the question, What could go horribly wrong? With bitcoin, there is nothing from stopping it from going to zero. It doesn’t mean it ever will, but it has to be treated as if that were a possibility.

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