In a significant development, the Securities and Exchange Commission (SEC) met with applicants seeking approval for bitcoin exchange-traded funds (ETFs) today, FOX Business' Eleanor Therrett and Charles Gasparino reported.
The SEC “is making sure everyone is creating the cash,” and “has asked issuers to remove all insinuations of in-kind redemptions from their filings,” Terrett revealed, citing sources at the meeting. This meeting is of utmost importance amid the ongoing discussions and evaluations regarding the approval of these ETFs.
Teret's post alluded to the collaborative nature of the meeting, and suggested that efforts be made to bring all stakeholders on the same page regarding the nuances, key requirements, and potential implications associated with their spot Bitcoin ETF implementations. While details on all the details have yet to be revealed, the meeting will likely focus 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 evaluate the viability and regulatory compliance of the proposed spot Bitcoin ETFs. The outcome of this meeting could significantly impact the path to spot approvals for Bitcoin ETFs, potentially paving the way for a more regulated framework for institutional participation in this booming industry.
While market participants await further developments, this meeting marks a critical milestone in the potential approval of the first Bitcoin ETFs in the United States. Yesterday, FOX Business reported that BlackRock has made gaining approval for its spot Bitcoin ETF a “key priority for the company,” and that the ETFs will have an SEC decision by January 10.