Accéder au contenu principal

Spot Bitcoin ETF: Analyst Says SEC Engaging Exchanges—Approval Coming?

The prospect of a spot Bitcoin ETF (exchange-traded fund) trading in the United States has been the major topic of discussion in the cryptocurrency space over the past few weeks. In the latest development, a Bloomberg analyst reported that the US Securities and Exchange Commission has been engaging with exchanges concerning the spot Bitcoin ETF applications.

Here’s Why SEC Interacted With Exchanges This Week

On Friday, November 17, Bloomberg analyst Eric Balchunas provided an update on the potential approval of spot Bitcoin exchange-traded funds by the SEC. In a post on X, Balchunas claimed that the financial regulator is instructing the Bitcoin ETF applicants to handle funds in a certain way.

Eric Balchunas wrote on X:

Hearing chatter SEC’s Trading & Markets engaged with exchanges this week on spot bitcoin ETF 19b-4s, is advising them they’d like the ETFs to do cash creates (vs in-kind), and has asked them to get in amendments in the next couple weeks.

For context, “cash create” and “in-kind” refer to the two main methods for creating and redeeming exchange-traded funds. In a “cash create” situation, authorized participants exchange cash equivalent to the shares they want, while “in-kind” allows authorized participants to provide an ETF with a basket of securities or assets replicating the ETF’s underlying asset.

Balchunas highlighted that cash creates make sense because they offer fewer limitations to broker-dealers. “Broker-dealers can’t deal in Bitcoin, so doing cash creates puts an onus on issuers to transact in Bitcoin and keeps broker-dealers from having to use unregistered subsidiaries or third party firms,” the Bloomberg analyst noted.

Going further, Eric Balchunas mentioned that although this move by the SEC was unexpected, it bodes good signs about the potential approval of a spot Bitcoin ETF. “This doesn’t change our 90% odds up or down but is a good sign the process is marching and SEC has a path fwd [forward] in the plumbing that they are comfortable with,” he added.

More Spot Bitcoin ETF Delays Trickle In

These speculations come amidst the recent delays on some spot Bitcoin ETF applications. In the latest development, the SEC has deferred making a decision on ETF filings from Global X and Franklin.

According to its official statement, the SEC expects public comments on the proposals by Global X and Franklin. James Seyffart, a research analyst at Bloomberg, highlighted that the comment period should span at least 35 days for the former and about 21 days for the latter.

Bitcoin price has been on the rise in the past few weeks as crypto investors and enthusiasts are becoming increasingly optimistic about the approval of the first spot Bitcoin ETF in the United States. The premier cryptocurrency is currently valued at $36,337, reflecting a 0.2% price decline in the past day.

Bitcoin price thickens on the daily timeframe | Source: BTCUSDT chart on TradingView

Featured image from Shutterstock, chart from TradingView


Source link

The post Spot Bitcoin ETF: Analyst Says SEC Engaging Exchanges—Approval Coming? appeared first on Job From Home Blog.

Libellés :

Commentaires

Enregistrer un commentaire

Posts les plus consultés de ce blog

Jojobet (464)

Jojobet bahis adresi ua – En Güvenilir Bahis Sitesi 2021 Jojobet bahis adresi ua – En Güvenilir Bahis Sitesi 2021 Geri dönüşü yüksek bir heyecana hazır olun! Heybetli rekabet atmosferinde keyifli bir oyun deneyimi sunan öncü bir bahis platformuna hoş geldiniz. İnternetin en güvenilir ve güçlü adreslerinden biri olarak, size en üst düzey kalite standartlarına sahip online bahis fırsatlarını sunmaktan gurur duyuyoruz. Bahis ve şans oyunları tutkunlarının beklentilerini aşan kapsamlı hizmetlerimizle sizi unutulmaz bir yolculuğa çıkarmak için buradayız. Profesyonel ekibimiz, Türkiye’nin en donanımlı ihtiyaçlarına uygun olarak sürekli yenilenen bahis seçenekleriyle geniş bir kumarhane atmosferi ile etkileyici deneyimler sunar. Farklı spor dallarında eşsiz tahmin ve analiz araçlarıyla dolu olan platformumuz, kazandıran oranlarla sizden tam not alacaktır. En yeni teknolojik yazılım alt yapımız sayesinde, kesintisiz ve sorunsuz oyunculuk deneyiminin tadını çıkarabilirsiniz. Şansın, yetene...
Enregistrer un commentaire
Lire la suite

$3 Million Stolen In ‘Kraken’ Crypto Con

The surge in online scams has drawn heightened regulatory attention towards the crypto industry. A recent case serves as a vivid reminder of the risks involved, where a Connecticut resident became a victim of a significant scam, losing more than $3 million to individuals falsely purporting to be associated with Kraken, a well-known cryptocurrency exchange. The victim, who remains unnamed, was based in Westport and followed advice to transfer funds out of a retirement account, intending to reinvest the money in an account supposedly linked to Kraken. However, their decision led to more than $3 million swiftly disappearing into crypto wallets they could not access. Recovery Of Stolen Crypto Funds Fortunately, the victim sought help from law enforcement, and local detectives, collaborating with the state’s Organized Crime Task Force, launched an investigation. This diligent effort enabled them to trace the transactions and freeze accounts involved in the scam. While they managed to r...
Enregistrer un commentaire
Lire la suite

Space loves AI, AI doesn’t love Space

Space-related applications of artificial intelligence and machine learning are often confined to the ground because moving AI onboard satellites, while promising, is significantly more difficult. “Running AI in space is like running a marathon on the moon — impressive if achieved, but limited by the environment,” said Sylvester Kaczmarek, chief technology officer at OrbiSky Systems, a London startup focused on AI edge operations. Advanced processors are power hungry, meaning satellites with onboard AI require large solar panels and extra batteries. Plus, “radiation in space can fry electronics,” Kaczmarek said. Power management is another problem. Many AI devices require very high currents at low voltages. “The demands that AI devices place on power management are new to the space industry,” said Bert Vermeire, Voyager Space chief technology officer. “There are no good solutions with space heritage and it is difficult to identify efficient and small form factor power and manageme...
Enregistrer un commentaire
Lire la suite