SEC Provides Guidance on Spot Bitcoin ETF Applications
The Securities and Exchange Commission (SEC) has reportedly given specific guidance to exchanges regarding the listing and trading of spot bitcoin exchange-traded funds (ETFs). This development has been seen as a positive step towards the approval of spot bitcoin ETFs by the SEC.
Optimism Soars as SEC Engages with Exchanges
There is renewed optimism for the approval of spot bitcoin ETFs after reports emerged of the SEC engaging in discussions with exchanges to provide guidance on ETF applications. Bloomberg ETF analyst Eric Balchunas shared on social media that the SEC's Division of Trading and Markets had advised exchanges to use the cash creation method instead of the in-kind method for spot bitcoin ETFs.
Cash Creates Method Preferred by SEC
According to Balchunas, the SEC's preference for the cash creation method is a good sign. In cash creation, authorized participants provide cash to the ETF issuer in exchange for new ETF units. Balchunas believes that cash creation makes more sense because broker-dealers cannot deal directly in bitcoin. This method puts the onus on the issuers to transact in bitcoin and avoids the need for broker-dealers to use unregistered subsidiaries or third-party firms. He also noted that this change in preference may require some filers to adjust their plans or risk delay.
Positive Reactions and Counterarguments
Many individuals in the crypto space view the SEC's guidance as a positive development. Marshall Beard, Chief Strategy Officer at crypto exchange Gemini, sees it as a step towards clarity in the cash versus in-kind debate. On the other hand, Gabor Gurbacs, strategy advisor at Vaneck, argues that in-kind creates are more efficient and that the SEC's preference for cash creates shows a lack of understanding of the best aspects of ETFs and bitcoin.
SEC Chairman Considers Multiple Spot Bitcoin ETF Applications
SEC Chairman Gary Gensler has stated that the regulator is considering eight to ten spot bitcoin ETF applications. It is anticipated that the SEC will approve multiple spot bitcoin ETFs early next year.
In conclusion, the SEC's advice to exchanges to use cash creates for spot bitcoin ETFs is seen as a positive development by many in the crypto space. This guidance provides clarity in the ongoing debate between cash and in-kind creation methods. As the SEC progresses in its approval process, it is expected that multiple spot bitcoin ETFs will be approved in the near future.
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