SEC Sets Deadline for Spot Bitcoin ETF Approvals
The SEC has announced that only firms submitting their final S-1 amendment forms by December 29, 2023, will be considered for approval of spot Bitcoin ETFs. Those missing the deadline will not be part of the initial wave of potential ETF issuers.
Elimination of ‘In-Kind’ Creation Model
The SEC has required firms to eliminate the ‘in-kind’ creation model from their spot Bitcoin ETF prospectuses, urging them to use the “Cash Creates” redemption model. BlackRock and Bitwise have already submitted their S-1 amendment forms, while VanEck and Grayscale also submitted their applications in recent months.
Prime Execution Agent Model and Regulatory Adjustments
The SEC’s stance on the Prime Execution Agent model will likely require regulatory adjustments, signaling a shift towards a more proactive approach to cryptocurrencies. This marks a departure from the SEC’s traditionally conservative stance.
Hot Take
As the SEC moves forward with the approval process for spot Bitcoin ETFs, the crypto market is eagerly anticipating further updates and potential approvals in the coming weeks. Stay tuned for the latest developments in the world of digital assets.
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