In a significant development, the Securities and Exchange Commission (SEC) today met with applicants seeking approval for spot bitcoin exchange-traded funds (ETFs), according to FOX Business' Eleanor Terrett and Charles Gasparino.
terrett revealedSources who attended the meeting said the SEC was “making sure everyone was creating cash” and “asking issuers to remove all hints of in-kind redemptions from their filings.” This meeting assumes paramount importance amidst the ongoing discussions and evaluations on the approval of such ETFs.
Terrett's post hinted at the collaborative nature of the meeting, suggesting efforts to bring all interested parties on the same page regarding the nuances, prerequisites, and potential implications associated with their bitcoin ETF spot applications. While details on all the details remain undisclosed, the meeting likely focused on addressing concerns, clarifying regulatory expectations, and streamlining the process of evaluating these ETF applications.
The SEC's engagement with applicants reflects a commitment to thoroughly evaluate the feasibility and regulatory compliance of proposed bitcoin spot ETFs. The outcome of this meeting could significantly influence the trajectory of bitcoin ETF spot 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 represents a crucial milestone in the potential approval of the first spot bitcoin ETF in the United States. Yesterday, FOX Business crypto-history-in-new-year-with-first-spot-bitcoin-etf-approval.amp”>reported that BlackRock made receiving approval for its bitcoin spot ETF a “key corporate priority” and that the ETFs will have a decision from the SEC by January 10.