BlackRock Bitcoin ETF to Allow In-Kind BTC Redemptions
- Authorized participants can redeem ETF shares for Bitcoin instead of cash.
- The SEC approved Bitcoin ETFs for trading in January 2024 under President Biden.
- Gary Gensler, a crypto skeptic, led the SEC during the initial approval.
- Under President Trump, the SEC formed a crypto task force and repealed SAB 121.
- SAB 121 discouraged banks from holding cryptocurrency custody.
The recent changes in SEC regulations, including the repeal of SAB 121, aim to streamline ETF redemption processes by allowing direct Bitcoin redemptions, potentially reducing market sales.
Source (2.6)https://decrypt.co/302709/blackrock-bitcoin-etf-in-kind-redemptions?rand=52368
