ETFs still waiting – Since mid-2023, the Bitcoin ETFs are in focus. It is Blackrock who led the way by depositing his Spot Bitcoin ETF application last June.
Subsequently, many other fund managers followed the American giant. However, the SEC continues to put obstacles in the way of these projects.
Bitcoin ETF: technical details discussed with the SEC
According to a report published on December 7 by our colleagues at Reutersthe United States Securities and Exchange Commission (SEC) would be in discussion with asset managers regarding technical aspects of funds exchange-traded funds (ETFs) based on Bitcoin.
Until now, the commission has never given the green light to a spot exchange product for cryptocurrencies. Conversely, the SEC preferred to postpone its decision several times.
Spot Bitcoin ETFs Reportedly Moving Behind the Scenes
In November, memos released by the SEC revealed that the commission met separately with representatives from BlackRock, Grayscale Invesco and 21 Shares. All of these asset managers who have filed applications for ETFs based on Bitcoin or Ether.
As reported by Reuters, the BlackRock meeting note includes detailed description of asset manager’s revised buyback mechanism. So, it seems that despite a decision that is dragging on, the SEC is closely monitoring the technical details of these new products.
For his part, SEC expected to make final decision by January. It remains to be seen whether it will manage to find a new sleight of hand to push back the deadline once again.