In a significant development, the Securities and Exchange Commission (SEC) today met with applicants seeking approval of spot Bitcoin exchange-traded funds (ETFs), according to Eleanor Terrett and Charles Gasparino of FOX Business.
Terrett revealedSources who attended the meeting said the SEC was “making sure everyone was creating liquidity” and “asking issuers to remove all traces of in-kind redemptions from their documents.” This meeting assumes paramount importance amid ongoing discussions and evaluations regarding the approval of these ETFs.
Terrett’s message hinted at the collaborative nature of the meeting, suggesting efforts to get all stakeholders on the same page regarding the nuances, prerequisites and potential implications associated with their spot Bitcoin ETF applications. While details on all details remain confidential, the meeting likely focused on addressing concerns, clarifying regulatory expectations, and streamlining the process for evaluating these ETF applications.
The SEC’s engagement with applicants reflects a commitment to comprehensively evaluate the viability and regulatory compliance of proposed Bitcoin spot ETFs. The outcome of this meeting could significantly influence the trajectory of one-time Bitcoin ETF approvals, potentially paving the way for a more structured framework for institutional participation in this burgeoning industry.
As market participants await further developments, this meeting is a crucial step in the potential approval of the first spot Bitcoin ETFs in the United States. Yesterday, FOX Business reported that BlackRock has made approval of its spot Bitcoin ETF a “key company priority” and that the ETFs will have a decision from the SEC by January 10.