Public memos and industry executives suggest applications to launch Bitcoin spot exchange-traded funds (ETF) are in the final stages. The US Securities and Exchange Commission (SEC) has 13 applications, including those from BlackRock and ARK Invest, awaiting approval sometime in 2024.
New details reveal the SEC has engaged executives from BlackRock and other firms over technical details like custody arrangements, investor disclosures, and methods to redeem and create shares. The talks, which reportedly started in September, may explain Bitcoin’s brief surge to over $44,000 earlier this week.
Bitcoin ETF Applications Moving Quickly
The meetings were attended by lawyers, staff from the SEC, and exchanges where applicants intend to list their products. The meeting for the BlackRock ETF reportedly addressed the investment firm’s redemption mechanism.
Those close to ETF discussions report that they extend beyond the SEC’s trading and markets and corporate finance divisions to members of chairman Gary Gensler’s office. The frequency of requests from the SEC has also quickened from every few months to almost weekly. Applicants have been submitting revised filings on a more regular basis.
Go to Source to See Full Article
Author: David Thomas
Tip BTC Newswire with Cryptocurrency
Donate Bitcoin to BTC Newswire
Donate Bitcoin Cash to BTC Newswire
Donate Ethereum to BTC Newswire
Donate Litecoin to BTC Newswire
Donate Monero to BTC Newswire
Donate ZCash to BTC Newswire
