SEC delays BlackRock's decision to redeemed physical Bitcoin ETF
The Securities and Exchange Commission (SEC) has decided to expand its review on whether BlackRock’s iShares Bitcoin Trust can provide physical exchange.
The Securities and Exchange Commission (SEC) decided to postpone the decision to whether BlackRock's iShares Bitcoin Trust could offer physical exchange.
This type of redemption allows investors to obtain actual Bitcoin instead of cash when redeeming shares of iShares Bitcoin Trust.
The agency announced Tuesday that the SEC has released a proposal for public comment. This step delayed the approval or rejection timetable and was stated in the notification of the meeting agenda.
Nasdaq has amended existing rules to allow iShares Bitcoin Trust to create and redeem in kind. The application was filed on June 20, revising the application for the original Bitcoin ETF launched in early 2024.
Original ETF approval requires that the ETF's shares be converted into cash. This means BlackRock needs to convert Bitcoin into USD before returning the funds to investors, which the SEC required at the time due to its regulatory clarity.
Converting to physical transactions will simplify the operation of ETFs and may reduce transaction costs for investors. But this also raises policy and legal issues that the SEC is not ready to comment.
The SEC initiates a lawsuit under section 19(b)(2)(b) of the Exchange Act to postpone approval or disapprove of the proposed rule changes.
The agency invites interested parties to submit any data, opinions or arguments related to the proposal by July 17.
The results are crucial to the future of U.S. crypto ETFs.
The above is the detailed content of SEC delays BlackRock's decision to redeemed physical Bitcoin ETF. For more information, please follow other related articles on the PHP Chinese website!
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