In a significant development, the Securities and Exchange Commission (SEC) convened with applicants seeking approval for spot Bitcoin Exchange-Traded Funds (ETFs) today, according to Eleanor Terrett and Charles Gasparino of FOX Business.
Terrett revealed sources who attended the meeting said the SEC was "making sure everyone is doing cash creates," and "asked issuers to remove all hints of in-kind redemptions from their filings." This meeting assumes paramount importance amid the ongoing discussions and evaluations regarding the approval of such ETFs.
Terrett's post hinted at the collaborative nature of the meeting, suggesting efforts to bring all stakeholders onto the same page regarding the nuances, prerequisites, and potential implications associated with their spot Bitcoin ETF applications. While details about all the specifics remain undisclosed, the meeting likely focused on addressing concerns, clarifying regulatory expectations, and streamlining the evaluation process for these ETF applications.
The SEC's engagement with applicants reflects a commitment to comprehensively assess the viability and regulatory compliance of the proposed spot Bitcoin ETFs. The outcome of this meeting could significantly influence the trajectory of spot Bitcoin ETF approvals, potentially paving the way for a more structured framework for institutional participation in this burgeoning industry.
As market participants await further developments, this meeting stands as a crucial milestone in the potential approval of the first spot Bitcoin ETFs in the United States. Yesterday, FOX Business reported that BlackRock made receiving an approval for their spot Bitcoin ETF a "key corporate priority," and that the ETFs will have a SEC decision by January 10.
Source: Bitcoin Magazine
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