SEC officials meet again with spot Bitcoin ETF filers

The Securities and Change Fee (SEC) has held a brand new spherical of discussions with asset managers proposing a spot Bitcoin (BTC) exchange-traded fund (ETF) in the US, this time with officers from Gary Gensler’s workplace collaborating within the conferences.

Based mostly on court docket filings, the regulator acquired representatives from BlackRock on Dec. 14 to debate the proposed rule change that will allow the crypto funding car to be traded on main exchanges. In keeping with Bloomberg ETF analyst Jayme Seyffart, that is the third assembly between BlackRock and the SEC to overview the applying.

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 functions, a day after representatives of Constancy appeared earlier than the SEC.

BlackRock met once more with the SEC yesterday. This time with Gensler’s folks/workers https://t.co/cjQ8ChxlBV pic.twitter.com/shDiZPidPe

— James Seyffart (@JSeyff) December 15, 2023

In late November, chair Gensler’s workers additionally met with the Hashdex workforce to handle issues over market manipulation and investor protections. Particularly, the dialogue centered on using money creations and redemptions, in addition to the acquisition of spot Bitcoin from bodily exchanges inside the Chicago Mercantile Change (CME) market, Cointelegraph has discovered.

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

Upon approval, the most important cryptocurrency will commerce on Wall Avenue’s main exchanges, opening up Bitcoin to a broader viewers of traders backed by the world’s most influential funding companies. If denied, funding managers will seemingly enchantment the ruling, which can extend the ready even additional.

A spot Bitcoin ETF instantly tracks the real-time market worth of Bitcoin, holding precise Bitcoin. Its worth displays the present worth of BTC beneath its possession. Conversely, a futures Bitcoin ETF invests in Bitcoin futures contracts, that are agreements on the longer term worth of Bitcoin, quite 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 ultimate say?