In a noteworthy development, the Securities and Exchange Commission (SEC) convened with applicants seeking approval for spot Bitcoin Exchange-Traded Funds (ETFs) today, marking a significant step in the ongoing evaluation process.
According to sources disclosed by Terrett, who attended the meeting, the SEC is diligently overseeing the “cash creates” of the applicants and has requested them to eliminate any references to in-kind redemptions from their filings. The meeting, conducted with an apparent collaborative spirit, indicates a concerted effort to align all stakeholders regarding the intricacies, prerequisites, and potential implications associated with spot Bitcoin ETF applications.
While specific details of the meeting remain undisclosed, it is presumed that the focus was on addressing concerns, providing clarity on regulatory expectations, and streamlining the evaluation process for these ETF applications.
The SEC’s active engagement with applicants underscores its commitment to a comprehensive assessment of the viability and regulatory compliance of proposed spot Bitcoin ETFs. The outcomes of this meeting hold substantial significance, potentially shaping the future trajectory of spot Bitcoin ETF approvals and establishing a more structured framework for institutional involvement in this rapidly expanding industry.
As the industry awaits further developments, this meeting emerges as a pivotal milestone in the prospective approval of the first spot Bitcoin ETFs in the United States. Recent reports from FOX Business suggest that BlackRock has prioritized obtaining approval for its spot Bitcoin ETF, with a decision expected from the SEC by January 10, underscoring the heightened anticipation surrounding these groundbreaking financial instruments.
