The U.S. Securities and Exchange Commission (SEC) held new discussions with asset managers proposing a spot Bitcoin (BTC) exchange-traded fund (ETF) in the U.S., and this time, officials from Gary Gensler’s office attended the meeting. did.
Based on court filings, regulators met with representatives of BlackRock on December 14 to discuss proposed rule changes that would allow cryptocurrency investment vehicles to be traded on major exchanges. This is the third meeting between BlackRock and the SEC to review the application, according to Bloomberg ETF analyst Jayme Seyffart.
Meetings between asset managers and the SEC have become more intense over the past few weeks. On December 8, Grayscale and Franklin Templeton reviewed the application with regulators, one day after Fidelity representatives appeared before the SEC.
BlackRock met again with the SEC yesterday. This time with the folks/employees of Gensler https://t.co/cjQ8ChxlBV pic.twitter.com/shDiZPidPe
— James Seyff (@JSeyff) December 15, 2023
In late November, Chairman Gensler’s staff also met with the Hashdex team to address concerns about market manipulation and investor protection. Specifically, the discussion focused on cash generation and redemption, as well as physical Bitcoin acquisitions on physical exchanges within the Chicago Mercantile Exchange market, Cointelegraph understands.
Several large asset managers are planning to launch spot Bitcoin ETFs, including WisdomTree, BlackRock, Invesco, Fidelity, and Grayscale. Over the years, the SEC has rejected similar proposals. Now regulators are delaying their next decision until early January, when the final deadline for most applicants expires.
If approved, the largest cryptocurrency will be traded on Wall Street’s leading exchange, opening Bitcoin to a wider range of investors backed by the world’s most influential investment firms. If rejected, the investment manager will likely appeal the ruling, which will prolong the wait even further.
Spot Bitcoin ETFs directly track the real-time market price of Bitcoin while holding actual Bitcoin. Its value reflects the current price at which BTC is owned. Conversely, a futures Bitcoin ETF invests in Bitcoin futures contracts, which are agreements on the future price of Bitcoin, rather than holding the cryptocurrency itself. SEC Approved First Bitcoin Futures ETF in 2021
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