Ben Strack

<div id="highlights-block_6307c073fdf3c" class="highlights">
 <ul>
 <li>Company’s near-term focuses include adding margin-based futures contracts, market data tools, executives said</li>
 <li>“We very intentionally established a diverse group of partners,” Cboe Chief Strategy Officer John Deters said</li>
 </ul>
 
</div>



Cboe Global Markets is bringing aboard a slate of equity partners to help grow its digital assets business, just months after closing its acquisition of <a href="https://www.erisx.com" target="_blank" rel="noreferrer noopener">ErisX</a>.



The company is seeking to build out its crypto spot and futures capabilities to fill what executives called “a massive gap” in the space of offering market intermediaries a trusted venue for its retail and institutional clients.



ErisX operates a US-based digital asset spot market, as well as a futures exchange and clearinghouse regulated by the Commodity Futures Trading Commission (CFTC). <a href="https://www.cboe.com" target="_blank" rel="noreferrer noopener">Cboe</a>, which owns the world’s largest options exchange, <a href="https://cms.blockworks.co/cboe-sees-need-to-move-quickly-in-crypto-following-exchange-acquisition/" target="_blank" rel="noreferrer noopener">closed its acquisition</a> of the company in May as a way to enter the digital asset spot and derivatives marketplaces and is set to rebrand ErisX to Cboe Digital.



The new planned partners, each of which intend to take minority stakes in Cboe, are B2C2, DRW, GSR, Hidden Road, IMC, Interactive Brokers, Jane Street, Jump Crypto, Optiver, Robinhood, tastytrade and Virtu Financial. Executives did not reveal the specific size of the stakes.



The investors join other previously announced partner firms, such as Fidelity Digital Assets, Galaxy Digital, NYDIG and Webull. Cboe plans to form a digital advisory committee comprising the partner firms.



The incoming group of partners includes retail order flow providers, some of the largest market makers in the spot crypto world and other market makers focused more on derivatives pricing and trading, Cboe Chief Strategy Officer John Deters told Blockworks.&nbsp;



“We very intentionally established a diverse group of partners,” he said. “It’s that kind of mix which creates, we think, an ideal and healthy blend of participants, each with a little bit different focus and coming together simultaneously to make a vibrant and liquid market.”&nbsp;



<h3>ErisX and Cboe product roadmap</h3>



ErisX offers cash-settled futures contracts on bitcoin and ether. It offers spot trading on bitcoin, ether, bitcoin cash, litecoin and USD Coin.



In terms of the company’s product roadmap, ErisX President John Palmer told Blockworks that its “next push” is getting CFTC approval to trade margin-based futures contracts. Cboe hopes to roll those products out by the end of the year, he said.



Into 2023 and 2024, the firm will seek to offer additional futures contracts and spot trading for tokens beyond the five digital assets currently offered. Though Palmer did not name specific assets it would seek to offer, it noted that it would be considering other “top-traded tokens.”



“We certainly want to offer that very quickly and have a platform where participants can trade spot and derivatives and really get the benefit of capital efficiencies by having these things all clear at our clearinghouse,” Palmer said.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;



Using market data based on actionable bid and offer prices from the spot crypto market, Cboe Digital also plans on developing a benchmark data stream to help market participants evaluate crypto execution prices, Deters said.



“Our industry is going digital over the long-term, and so making sure that our platform is built for that future, that we’re helping market participants and our clients engage in the market and helping them figure out opportunities to digitizing and interacting with their products is a “mission-critical” initiative for us and will keep us busy for quite a bit of time to come,” Deters said.



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Cboe To Add Slate of Partners to Grow Digital Asset Business

<div id="highlights-block_6272e422d24e2" class="highlights">
 <ul>
 <li>ErisX, operator of crypto spot market, futures exchange and clearinghouse, to be rebranded as Cboe Digital </li>
 <li>Cboe is uniquely positioned to offer basis trading and exchange for physical transactions down the line after the acquisition, the company said</li>
 </ul>
 
</div>



Cboe Global Markets has closed its acquisition of institutional cryptocurrency exchange ErisX, with the newly combined company’s executives saying they intend to integrate quickly while digital asset markets remain hot.&nbsp;



Chicago-based Cboe first <a href="https://cms.blockworks.co/cboe-sees-enormous-future-for-crypto-as-it-acquires-crypto-market-provider-erisx/">announced the deal</a> six months ago.



ErisX operates a US-based digital asset spot market, as well as a regulated futures exchange and clearinghouse. Set to be rebranded as Cboe Digital, the business will function as a subsidiary run by ErisX CEO Thomas Chippas.



A company of 55 people at the time of acquisition, ErisX will now leverage Cboe’s more ample resources, Chippas told Blockworks.&nbsp;



“We get to find crossover opportunities and product development opportunities to grow the existing Cboe customer base, but [we have] complete freedom to continue new digital asset products over here at ErisX,” Chippas said.&nbsp;&nbsp;



Cboe Chief Operating Officer Chris Isaacson called the acquisition “super complementary,” adding it gives the company its first presence in the digital assets sector.



“We’ll integrate only where it makes sense, but we realize that in this asset class we need to move quickly,” he told Blockworks. “Keeping that agility with this wholly-owned subsidiary is a great move.”&nbsp;&nbsp;



Cboe operates the largest options exchange in the US. An average of $86.5 billion is traded on Cboe’s equities exchanges daily. The average number of US options contracts and US futures contracts traded each day total roughly 9.8 million and 213,000, respectively.&nbsp;



<h3>Product plans</h3>



ErisX Chief Operating Officer Matt Trudeau said the highest priority for the company in the near term is adding margin capability to its clearinghouse. It has an application pending with the Commodity Futures Trading Commission (CFTC) to offer margin crypto futures that are both physically settled and cash settled.



The soon-to-be Cboe Digital will also now look to expand its spot offerings beyond bitcoin, bitcoin cash, litecoin and ether.



Down the line, Cboe is uniquely positioned to offer products, such as basis trading and exchange for physical transactions, that involve both the spot and futures markets, Trudeau told Blockworks.



“One of the things we expect to be able to do is offer those products more efficiently from an operational and cost standpoint than anybody who’s got a standalone cash-settled futures market or a standalone spot market,” he said.



Cboe also intends to develop a benchmark data stream — based on actionable bid and offer prices from the spot crypto market — to help market participants evaluate the appropriateness of crypto execution prices, the company said in a statement.



<h3>Bridging TradFi and crypto</h3>



Isaacson said part of the attractiveness of buying ErisX was the company’s “intermediary-friendly platform.” The deal was estimated at $400 million, according to data by M&amp;A advisory firm Architect Partners. The companies did not disclose the sale price.&nbsp;



“It will allow for traditional finance players that are more and more capable and ready to adopt digital assets to now come on and adopt the asset class,” he said.



Ryan McCulloch, an investment banking associate at <a href="https://www.architectpartners.com/" target="_blank" rel="noreferrer noopener">Architect Partners</a>, said in a research note that the need for traditional financial players to have crypto exposure has become “table stakes.” He likened the Cboe-ErisX deal to other so-called “bridge transactions” between companies, such as Deutsche Borse Group and Crypto Finance; Mastercard and Cipher Trace; and PayPal and Curv.



“As the crypto sector develops, consolidation via acquisition will continue as traditional players continue to choose the buy over build option,” McCulloch wrote. “ErisX isn’t the largest crypto derivatives exchange, but their focus throughout development on robust regulatory compliance is a major driver of value to traditional financial players such as Cboe.”



Many traditional institutions are already getting involved in crypto, Chippas said, adding that there is a massive opportunity to grow the pie.&nbsp;&nbsp;



“There are lots of people today that want to access these products that are unwilling to open an account for one asset class at one particular provider,” he said. “They’re looking to access these products via the traditional intermediaries.”



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Cboe Sees ‘Need to Move Quickly’ in Crypto Following Exchange Acquisition

<div id="highlights-block_61ccbbe3dac56" class="highlights">
 <ul>
 <li>Large financial companies will continue looking to buy crypto data providers, stablecoin issuers and digital asset firms focused on payments, an industry watcher says</li>
 <li>Among the largest deals of 2021 — excluding those involving special purpose acquisition companies (SPACs) — was Galaxy Digital’s $1.2 billion purchase of BitGo</li>
 </ul>
 
</div>



Mergers and acquisitions within the crypto sphere are set to heat up in 2022, industry watchers predict, after a year during which traditional financial companies executed buys in the space.



Trends that emerged in 2021 will continue into next year, Ryan McCulloch, an investment banking associate at M&amp;A advisory firm <a href="https://www.architectpartners.com" target="_blank" rel="noreferrer noopener">Architect Partners</a>, said in an interview with Blockworks.&nbsp;



He highlighted <a href="https://www.paypal.com/us/home" target="_blank" rel="noreferrer noopener">PayPal</a>’s buy of Curv, a provider of cloud-based infrastructure for digital asset security. The deal, announced in March, was worth $200 million, according to Architect Partners data.



<blockquote class="wp-block-quote">“The acquisition of digital payment wallets and secure payment wallets is going to be huge, and there’s a continued need for that from the larger institutions,” McCulloch said. “I think most of them are making the decision right now that it’s growing so quickly they need to buy versus build.”</blockquote>



Donald Putnam, a managing partner at investment firm Grail Partners, said that he expects clarity about crypto from regulators, including the US Securities and Exchange Commission (SEC), during the first quarter of 2022, followed by “definitive action” in the second half of the year.&nbsp;



“This paves the way for the next trend to catch fire: the beginning of mainstream infrastructure providers — the global banks and exchanges — to begin buying technology and market share by acquiring the innovators,” Putnam told Blockworks. “That second trend will favor the exchanges and disenfranchise the banks, because of the profitability and [price-to-earnings] ratios of exchanges versus banks.”



<h3>Accelerating M&amp;A&nbsp;</h3>



McCulloch noted that “bridge transactions” — deals between more traditional companies and crypto firms — rapidly accelerated in 2021. Overall, M&amp;A deals involving at least one company in the crypto sector totaled 169, as of mid-December, he added, compared to 59 deals in 2020.



Nike earlier this month <a href="https://news.nike.com/news/nike-acquires-rtfkt" target="_blank" rel="noreferrer noopener">announced its buy</a> of RTFKT, a company that creates virtual products and experiences, including NFTs.&nbsp;



Trading platform Robinhood revealed a day later on Dec. 14 that it would acquire Cove Markets, which it described <a href="https://blog.robinhood.com/news/2021/12/14/robinhood-crypto-welcomes-cove-markets" target="_blank" rel="noreferrer noopener">in an announcement</a> as a cross-exchange trading platform that makes it easier for people to manage their crypto accounts.&nbsp;



<blockquote class="wp-block-quote">“It’s guys like Nike acquiring NFT guys, and it’s Robinhood and huge traditional guys acquiring these crypto companies,” McCulloch said. “That’s really where the value is being created and what’s driving these crazy, crazy prices.”</blockquote>



Among the largest deals of the year — excluding those involving special purpose acquisition companies (SPACs) — was <a href="https://cms.blockworks.co/galaxy-digital-acquires-bitgo-for-1-2b/" target="_blank" rel="noreferrer noopener">Galaxy Digital’s $1.2 billion purchase of BitGo</a>. The purchase of the custodian was executed to establish the digital asset bank as “a one-stop-shop for institutions,” Galaxy CEO Mike Novogratz said in a statement at the time.



The other largest deals of the year, according to Architect Partners data, include <a href="https://cms.blockworks.co/polygon-acquires-mir-in-400m-deal-to-scale-ethereum-and-web3/" target="_blank" rel="noreferrer noopener">Polygon’s buy of Mir</a> ($628 million), <a href="https://ir.northerndata.de/news/adhoc/northern-data-acquires-bitcoin-miner-bitfield-n-v-under-an-up-to-eur-400-million-stock-for-stock-deal-and-issues-new-revenue-guidance-for-2021/" target="_blank" rel="noreferrer noopener">Northern Data’s acquisition of Bitfield</a> ($575 million) and Siam Commercial Bank’s <a href="https://www.scb.co.th/en/about-us/news/nov-2021/scbs-bitkub-online.html" target="_blank" rel="noreferrer noopener">purchase of Bitkub Capital Group Holdings</a> ($537 million).&nbsp;



Though SkyBridge Capital Founder Anthony Scaramucci <a href="https://cms.blockworks.co/are-tradfi-and-crypto-set-for-an-ma-explosion/">previously said</a> he expects that a big bank frustrated by the growth of decentralized finance to buy a crypto firm such as Coinbase, the crypto platform has buying plans of its own.&nbsp;



The firm <a href="https://blog.coinbase.com/coinbase-to-acquire-leading-blockchain-infrastructure-platform-bison-trails-f879654421d6" target="_blank" rel="noreferrer noopener">revealed in January</a> that it would acquire blockchain infrastructure Bison Trails. Emilie Choi, Coinbase’s president and chief operating officer, <a href="https://cms.blockworks.co/coinbase-president-crypto-on-pace-for-1-billion-users-within-5-years/" target="_blank" rel="noreferrer noopener">said earlier this month</a> that the company would look to acquire any “incredible companies” that it sees.



<h3>Other potential M&amp;A trends&nbsp;</h3>



Banks will also look at boosting their capabilities around stablecoins, McCulloch said.&nbsp;



The President’s Working Group on Financial Markets, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency released a <a href="https://home.treasury.gov/system/files/136/StableCoinReport_Nov1_508.pdf" target="_blank" rel="noreferrer noopener">report</a> in November about stablecoins and the need to regulate them.&nbsp;



It recommends that legislation should limit stablecoin issuance to entities that are insured depository institutions, including state and federal banks and savings associations.  



<blockquote class="wp-block-quote">“We’re seeing that stablecoins are going to be partnering with banks or banks are going to be acquiring those stablecoin issuers to enable that,” McCulloch said. “We have a client in that ballpark and I can tell you every single bank is interested.”</blockquote>



Big banks such as Citibank, McCulloch added, produce $12 billion of revenue per year around payments, and such players will look to acquire stablecoin issuers to keep those businesses healthy.&nbsp;&nbsp;



<a href="https://cms.blockworks.co/citi-ceo-fraser-were-building-the-infrastructure-for-retail-real-time-payments/" target="_blank" rel="noreferrer noopener">Citigroup CEO Jane Fraser</a> told Yahoo Finance in October that digital assets would be part of the future of financial services and markets, noting that the company was working to connect clients to wallets and enable corporate clients to accept consumer payments.



Citi also appointed a head of digital assets in November for its institutional client group and <a href="https://cms.blockworks.co/citi-looking-to-fill-100-new-digital-asset-related-roles/" target="_blank" rel="noreferrer noopener">intends to fill up to 100 additional roles</a> to support its digital asset capabilities across the unit.



A Citi spokesperson declined to comment about the company’s potential M&amp;A focuses for 2022.&nbsp;



Traditional financial companies will look to boost their data capabilities in the crypto realm, McCulloch added.



Mastercard <a href="https://cms.blockworks.co/mastercard-to-acquire-crypto-intelligence-company-ciphertrace/" target="_blank" rel="noreferrer noopener">announced in September</a> that it would buy crypto intelligence company CipherTrace, which has provided “blockchain forensics” for about 150 of the largest banks, exchanges, financial institutions and regulators across more than 7,000 cryptocurrency entities.



The following month, Cboe Global Markets <a href="https://ir.cboe.com/news-and-events/2021/10-20-2021/cboe-agrees-acquire-erisx-entering-digital-asset-space-spot-derivatives-and-clearing-platform" target="_blank" rel="noreferrer noopener">agreed to buy ErisX</a>, allowing for its entry to the digital asset spot and derivatives markets, including clearing and settlement. The deal size was $400 million, Architect Partners data shows.&nbsp;



ErisX’s focus throughout development on robust regulatory compliance is a major driver of value to traditional financial players such as Cboe, McCulloch wrote in a research note at the time.



“Those two acquisitions really prove that these large multi-billion-dollar companies need to acquire this space,” McCulloch told Blockworks of the Mastercard and Cboe deals. “&#8230;It’s really interesting to see it play out.”



<hr class="wp-block-separator"/>



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<hr class="wp-block-separator"/>

What Could Crypto M&A Look Like in 2022?

Jacquelyn Melinek

<div id="highlights-block_6171c7defd0f4" class="highlights">
 <ul>
 <li>Cboe’s acquisition of ErisX provides it with the opportunity to grow tremendously by “blending the best of both” traditional and crypto markets, Deters said</li>
 <li>While the company is acquiring ErisX, it will be a separate subsidiary from Cboe and will operate under its digital asset business as Cboe Digital, Deters said</li>
 </ul>
 
</div>



Cboe Global Markets has agreed to acquire crypto spot and futures market provider Eris Digital Holdings (ErisX), at a time when the digital asset space continues to boom.&nbsp;



The deal is expected to close in the first half of 2022, subject to regulatory approvals and other closing elements, the company said in a statement.



“This deal gets us into digital assets,” John Deters, executive vice president and chief strategy officer at Cboe Global Markets, told Blockworks in an interview. Cboe’s acquisition of ErisX provides it with the opportunity to grow tremendously by “blending the best of both” worlds between traditional finance and crypto markets, Deters said. 



<div class="wp-block-image"><figure class="aligncenter size-full"><img decoding="async" loading="lazy" width="400" height="327" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Image-from-iOS-14.jpg" alt="JOHN DETERS, EXECUTIVE VICE PRESIDENT AND CHIEF STRATEGY OFFICER, CBOE GLOBAL MARKETS" class="wp-image-9770" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Image-from-iOS-14.jpg?w=400 400w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Image-from-iOS-14.jpg?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Image-from-iOS-14.jpg?w=314 314w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Image-from-iOS-14.jpg?w=319 319w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Image-from-iOS-14.jpg?w=268 268w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Image-from-iOS-14.jpg?w=80 80w" sizes="(max-width: 400px) 100vw, 400px" /><figcaption>John Deters, executive vice president and chief strategy officer at Cboe Global Markets; Source: Cboe</figcaption></figure></div>



<a href="https://cms.blockworks.co/erisxs-trudeau-ira-investors-want-crypto-exposure/" target="_blank" rel="noreferrer noopener">ErisX</a> operates a US-based digital asset spot market, a futures exchange and clearing house regulated by the Commodity Futures Trading Commission (CFTC). Its clearing house is also registered with FinCEN as well as licensed in many US states, the company said. Cboe is a global provider of market infrastructure and tradable products with an average amount of $78.14 billion traded on its US Equities exchanges daily.&nbsp;



While the company is acquiring ErisX, it will be a separate subsidiary from Cboe and will operate under its digital asset business Cboe Digital, Deters said. “We want the businesses to have degrees of freedom to operate with the speed and flexibility that it needs,” he said.&nbsp;



<h3>Competitors edge&nbsp;</h3>



Competitors in the space include global markets company CME Group and newcomers of regulated derivatives like the cryptocurrency-based exchange FTX. But, Deters said it’s fairly easy to differentiate <a href="https://www.cboe.com/tradable_products/equity_indices/flex_options?gclid=CjwKCAjwn8SLBhAyEiwAHNTJbWys1AJlsoIR2PmA_33hIM49oDNZw7EJLypJvvvU1C2TnfPGcuGjyRoCERkQAvD_BwE&amp;gclsrc=aw.ds" target="_blank" rel="noreferrer noopener">Cboe</a> and ErisX from their competitors.&nbsp;



“CME’s product does what it’s supposed to do, but it’s constrained by the technology stack, the regulatory framework and platform it’s traded on. So, I think there’s probably some limit to how far penetrated that product ultimately gets,” Deters said. “The overlap is there but it’s not significant and we think the size of the circles and the size of the areas we’re playing in, with a complete stack in a single venue, represents the growth opportunity for the future,” he added.&nbsp;



Meanwhile, Matthew Trudeau, chief operating officer at ErisX, said that ErisX’s focuses solely on crypto and hones in on this asset class through a regulated lense, which has given them the edge and flexibility to delve into that market. As the company operates in a heavily regulated way, it requires them to vet products thoroughly and acknowledge risks and implications beforehand, Trudeau said.&nbsp;



“It’s not just a niche product to us,” Trudeau said. “All we do, all day, every day, is think about crypto, crypto derivatives and the crypto industry,” he added.&nbsp;



As it relates to FTX and some of the other crypto exchanges, Trudeau said, “I think the recent (regulatory) moves are validation for us and show the importance of the US market, globally, for this asset,” he said. “There’s a lot of discussion about moving crypto offshore, but ironically it seems like there’s a lot of stuff moving onshore at this point…. Everybody seems to want to get into the US and I think some of the M&amp;A activity you’re seeing is evidence of that,” he added.&nbsp;



As a regulated digital asset market provider, ErisX is no stranger to working with officials. So, as it continues to grow its US market offerings, Trudeau said those elements will benefit Cboe and its digital asset expansion. Their framework provides “potentially faster, more nimble and effective products compared to those who operate in an offshore environment,” like Bahama-based FTX, Trudeau said.



<h3>“There’s a massive release of potential here”</h3>



After the acquisition, the company can add in adjacent assets, options and other relative products, Trudeau noted. “But it’s not like we have to build a brand new platform to do that,” because it already has the infrastructure available, he said. “There are near-term products we can offer related to crypto native products and new products related to commodities and securities,” Trudeau added.&nbsp;



From a general point of view, the company plans to work with regulators on the digital asset space and solve existing problems related to the current marketplace, Deters said.&nbsp;



“We think the future (of crypto) is enormous, I think we’re only seeing a small fraction of what it could be,” Deters said. “Once you solve (some) problems and provide clarity to the space, there’s a massive release of potential here,” he added.



In the future, Trudeau and Deters said they see the digital asset market expanding exponentially. “There’s unbounded potential in this market,” Trudeau said. “Traditional financial markets and crypto will converge and we’re seeing this happen already &#8212; both will take something from one another,” he added.



Trudeau estimates that in 10 to 15 years, all traditional assets will live in a crypto native market. “That’s a pretty exciting place to be&#8230; and a phenomenal thing to think about,” he said.&nbsp;

Cboe Sees ‘Enormous’ Future for Crypto as it Acquires Crypto Market Provider ErisX

Casey Wagner

<div id="highlights-block_615df65f5542e" class="highlights">
 <ul>
 <li>ErisX is leaning into the IRA provider space by offering a way for self-directed clients to get exposure </li>
 <li>The regulatory guidelines are already fairly straight forward, but Trudeau looks forward to having more clarity around the space</li>
 </ul>
 
</div>



Earlier this month at Blockworks’ Digital Asset Summit in New York City, Matt Trudeau, chief operating officer of ErisX sat down to discuss the exchange’s move into retirement account products and what to expect on the regulatory front.&nbsp;



In March, ErisX announced that Midland Trust clients would be able to invest in digital assets through their self-directed Individual Retirement Accounts (IRAs), including bitcoin and ether.&nbsp;



“The IRA market in the US is massive and there is a whole market of self-directed IRAs,” Trudeau said. “There is the typical 401(k) that you get through your employer, but anyone who has changed employers, they typically roll this into an IRA.”&nbsp;



As people have started to change careers more frequently, IRA investments have grown. ErisX started receiving inquiries from IRA providers that wanted to give clients exposure to cryptocurrencies, Trudeau said.&nbsp;



“They were seeing increasing demand from their customers to add crypto assets into their IRA portfolio, and they were struggling to find a path that enabled them to do that in a way that they felt comfortable with that had the right level of security and regulatory compliance,” he said.&nbsp;



ErisX saw the potential and built out the technology to work within the IRA space and has since expanded to partner with several different IRA providers, including IRA Financial and The Entrust Group.&nbsp;



“The IRA investors tend to be more sophisticated,” Trudeau said. “These are typically people that have assets and they are looking at the long run, these are retirement accounts, they are looking 10, 20, 30 years out… their trade sizes tend to be larger.”&nbsp;



These investors are excited about expanding their portfolios into a new asset class, Trudeau said.&nbsp;



From a regulatory standpoint, Trudeau said that ErisX is already well versed in keeping within required guidelines, and he looks forward to watching the conversation evolve to bring more clarity to the space.&nbsp;



Watch the full interview below and all of the panel videos from DAS <a href="https://cms.blockworks.co/events/digital-asset-summit-2021-2/#videoslider0" target="_blank" rel="noreferrer noopener">here</a>. 



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="DAS New York 2021: ErisX’s Trudeau Say IRA Investors Want Crypto Exposure" width="1024" height="576" src="https://www.youtube.com/embed/HUG9HWJZA7U?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>
</div></figure>



<hr class="wp-block-separator"/>



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