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The race to launch the first spot bitcoin exchange-traded fund (ETF) in the U.S. is heating up, as firms vying for a spot, including Grayscale, BlackRock, VanEck, and WisdomTree, have been meeting with the Securities and Exchange Commission (SEC) to address its concerns.
JUST IN: 🇺🇸SEC is meeting with Nasdaq, NYSE and other exchanges todayfinalise comments on Bitcoin ETF issuers – Fox News pic.twitter.com/mjxbyPnRNO
— Bitcoin Archive (@BTC_Archive) January 3, 2024
Recent filings and insider sources reveal that ETF issuers are proactively responding to SEC feedback by adopting a cash creation and redemption model for their proposed products. This model ensures that investors transacting ETF shares will either receive or pay in cash, mitigating the risk of market manipulation and promoting a genuine reflection of Bitcoin’s value.
The SEC favors the cash model over the in-kind model, which allows investors to exchange shares for Bitcoin and vice versa. The latter model could potentially open doors to arbitrage and tax evasion, presenting regulatory challenges.
Addressing concerns related to hard forks and airdrops, issuers have committed to a protocol determining the compatibility of these events with the main Bitcoin chain. Furthermore, they have agreed to relinquish entitlements to tokens that deviate from the primary chain, ensuring a streamlined approach to these blockchain occurrences.
Issuers have also transparently disclosed the names of their authorized participants, entities responsible for facilitating the creation and redemption of ETF shares. This disclosure responds to SEC requests and ensures the credibility and regulatory compliance of these crucial participants.
SEC Remains Hard on Bitcoin ETF Applications
Despite the cautious stance of the SEC regarding spot Bitcoin ETFs, citing concerns about fraud, volatility, and custody, recent approvals of futures-based Bitcoin ETFs have sparked optimism. Some experts believe that these approvals indicate the SEC’s evolving approach towards crypto innovation and regulation, potentially paving the way for spot Bitcoin ETFs.
As the SEC meticulously reviews the 15 applications for spot Bitcoin ETFs, the competing firms are diligently working to convince regulators that they have effectively addressed concerns, eagerly anticipating the green light to introduce spot Bitcoin ETFs to the U.S. market. The outcome remains eagerly awaited by both industry insiders and cryptocurrency enthusiasts alike.
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