Organizations applying for the Spot Bitcoin ETF are working to address the U.S. Securities and Exchange Commission’s (SEC) concerns on three issues.
One of the SEC’s concerns, according to three unnamed sources, is that redemptions in exchange-traded funds How would it happen?. In in-kind models, shares of the fund can be exchanged for the underlying asset, while in cash models, customers can be exchanged for their shares. Cash payment by selling Bitcoin It needs to be done.
According to one source, the SEC told issuers Among the recognized pioneers If they want to take part that they should choose the cash model told.
Although Grayscale advocated the same method, it reported that it switched to the cash model after failing to convince the SEC.
Another issue that the SEC focuses on is which issuers authorized participants (AP) was his explanation of his choice. BlackRock chose Jane Street Capital and JP Morgan Securities, and Valkyrie chose Jane Street Capital and Cantor Fitzgerald.
The third topic is hard forks and airdrops It was reported that he was connected to . As a result of the hard fork in the Bitcoin blockchain in 2017, a new version of the blockchain called Bitcoin Cash emerged.
Issuers, in case of a possible hard fork in the future, on a network other than the main network He agreed not to make a claim.