What’s going on here? The UK is planning to reverse its stance on crypto-linked exchange-traded notes (ETNs), scrapping a ban that kept retail investors out. What does this mean?

Back in 2021, UK regulators refused to greenlight the notes – which track specific coins like ethereum and bitcoin, giving investors a way to buy in without holding the actual cryptocurrencies themselves. The idea behind the ban was simply to protect everyday investors from the wild price swings of the crypto market. Bitcoin had only just blasted above $30,000, and things felt a tad… chaotic.

Now, the market has grown up (to some extent), and global demand for cryptocurrencies has accelerated. In the US, spot bitcoin ETFs now hold over $130 billion in assets – and similar kinds of crypto assets are popular among retail investors in Europe. So the UK’s looking to catch up, potentially lifting its ban by year-end.

Why should I care? Zooming In: Crypto still has its “When Lambo?” moments. Crypto platform Circle just had an eye-popping market debut, pulling in $1.1 billion.

The stock nearly tripled on its first day, jumping from $31 to $83. That’s an obvious win for the firm – which is now valued at $28 billion – and a good sign for the overall market, too. With heavyweights like ARK Invest and BlackRock buying in, Circle’s big splash could inspire a new wave of crypto listings.

The bigger picture: America’s leaning hard into crypto. The UK’s timing on easing the ban doesn’t exactly scream “random”. In the US, the president’s media company just filed to launch its own bitcoin ETF, lawmakers have floated ideas that’d help stablecoins go mainstream, and the White House has called for the creation of a national bitcoin reserve.

It may be spectacle or it may be strategy, but one thing’s for sure: crypto’s at center stage right now – and the UK doesn’t want to watch from the cheap seats.