On a recent episode of the Coinage podcast, SEC Guest Commissioner Hester Peirce said she is willing to reconsider in-kind redemptions of spot bitcoin ETFs.
(For those unfamiliar with the term “in-kind redemption,” it refers to the ability to withdraw the bitcoin you've purchased through an ETF into your own custody. In essence, it turns a bitcoin IOU into a real IOU. . stuff.)
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BREAKING: SEC Commissioner Hester Peirce previews new pro-crypto changes coming to the SEC
ETF In-Kind Redemptions and Ability for ETF Issuers to Start Staking Are Likely Done "early"
Both ETFs now have more than $100 billion in assets under management pic.twitter.com/g3jtbuBeWU
– Coinage (@coinage_media) <a target="_blank" href="https://twitter.com/coinage_media/status/1870084709503643873?ref_src=twsrc%5Etfw”>December 20, 2024
This warms my heart, as bitcoin was not designed to be trapped within the envelopes of the old system. It was built to free us from that system.
If Peirce can work with incoming SEC Chairman Paul Atkins to facilitate the approval of in-kind redemptions, then spot bitcoin ETFs can serve as some of the biggest avenues into bitcoin, as the co-founder of Bitwise, Hong Kim. rather than simply existing as vehicles for speculation.
bitcoin was born to exist in nature. He wasn't born to exist in a Wall Street zoo.
In-kind redemptions would allow the bitcoin currently trapped inside the zoo the ability to return to its natural habitat.
This article is a Carry. The opinions expressed are entirely those of the author and do not necessarily reflect those of btc Inc or bitcoin Magazine.
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