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"There is a possibility of positive moves at the SEC" Applications for the US cryptocurrency ETF continue for Spot settings and redemptions.
On the 21st, the Cboe BZX Exchange submitted an application to the U.S. Securities and Exchange Commission (SEC) to allow for the creation and redemption of spot-based multiple cryptocurrency ETFs in the United States.
This application targets products from multiple companies, including Fidelity and Franklin Templeton's Bitcoin spot ETF and Ethereum spot ETF, and recently, various companies have been submitting similar applications. The establishment and redemption of spot ETFs are expected to bring benefits such as improving the efficiency of ETFs and reducing price volatility risks associated with cashing out, attracting attention.
In the United States, spot ETFs for Bitcoin (BTC) and Ethereum (ETH) have been traded since last year, but there is a history of the SEC recommending a cash method at the time of approval. Currently, an application to change this method is ongoing. BlackRock's product, which leads the cryptocurrency spot ETF market, has also been filed.
On the 23rd, James Seyfarth, a Bloomberg ETF analyst mentioned in this application, commented that he feels there are positive movements at the SEC and that adjustments may be made.
Impact of Rule Changes
It has been pointed out that this rule change does not apply to individual investors. Mr. Seyfert reiterated on the same day, "This change is intended for designated participants from major Wall Street firms and market makers."
It was also pointed out that "this rule change is intended to streamline the cryptocurrency ETF, but at this point, it is already very efficient, so most people will not notice the difference." And it was explained that "this is to treat cryptocurrency ETPs the same as other ETPs."
What is ETP?
"Exchange Traded Products" is an abbreviation meaning "上場取引型金融商品". ETFs are included in ETPs.
Last month, SEC Commissioner Hester Peirce mentioned that there is a possibility of the establishment and redemption of a cryptocurrency ETF based on physical assets. At that time, she stated, "The SEC is currently reviewing application documents related to physical redemptions. I certainly believe that it is likely to happen eventually."