For an Order 6102B style ban on private custody of BTC to be effective sufficient BTC must be held in institutional custody.
Having a Blackrock BTC ETF will increase significantly the level of institutional custody and has the additional 'benefit' from the point of an Order 6102B attack of providing justification- they will say you can still own BTC, via Blackrock while eliminating the potential for money laundering alleged to exist with private custody.
Blackrocks ETF looks like a strategic preparatory step toward an Order 6102B...to ultimately capture and control the protocol.
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