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SEC officers meet once more with spot Bitcoin ETF filers

15 Dec 2023
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America Securities and Alternate Fee has held a brand new spherical of discussions with asset managers proposing a spot Bitcoin (BTC) exchange-traded fund (ETF) within the U.S., this time with officers from Gary Gensler’s workplace taking part within the conferences.

Primarily based on courtroom filings, the regulator acquired representatives from BlackRock on Dec. 14 to debate the proposed rule change that may allow the crypto funding automobile to be traded on main exchanges. In line with Bloomberg ETF analyst Jayme Seyffart, that is the third assembly between BlackRock and the SEC to assessment the appliance.

Conferences between asset managers and the SEC had intensified over the earlier weeks. On Dec. 8, Grayscale and Franklin Templeton additionally sat down with regulators to go over their purposes, a day after representatives of Constancy appeared before the SEC.

In late November, Chair Gensler’s employees additionally met with the Hashdex workforce to deal with issues over market manipulation and investor protections. Particularly, the dialogue centered on the usage of money creations and redemptions in addition to the acquisition of spot Bitcoin from bodily exchanges throughout the Chicago Mercantile Alternate market, Cointelegraph has realized.

A number of giant asset managers are planning to launch spot Bitcoin ETFs, together with WisdomTree, BlackRock, Invesco, Constancy and Grayscale. Over time, the SEC has denied related proposals. Now, the regulator is pushing its subsequent choices to early January, when most candidates’ newest deadlines will expire.

Upon approval, the largest cryptocurrency will commerce on Wall Road’s main exchanges, opening up Bitcoin to a broader viewers of buyers backed by the world’s most influential funding corporations. If denied, funding managers will seemingly attraction the ruling, which can extend the ready even additional.

A spot Bitcoin ETF immediately tracks the real-time market value of Bitcoin, holding precise Bitcoin. Its worth displays the present value of BTC below its possession. Conversely, a futures Bitcoin ETF invests in Bitcoin futures contracts, that are agreements on the longer term value of Bitcoin, fairly than holding the cryptocurrency itself. The SEC permitted the primary futures Bitcoin ETF in 2021.

Journal: Crypto regulation — Does SEC Chair Gary Gensler have the final say?