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On a current episode of the Coinage podcast, visitor SEC Commissioner Hester Peirce mentioned that she is open to reconsidering in-kind redemptions for spot bitcoin ETFs.
(For individuals who aren’t accustomed to the time period “in-kind redemption,” it refers back to the potential to withdraw the bitcoin you’ve bought by way of an ETF into your individual custody. In essence, it turns a bitcoin IOU into the actual factor.)
BREAKING: SEC Commissioner Hester Peirce previews new pro-crypto modifications coming to the SECETF in-kind redemptions and skill for ETF issuers to start staking possible performed "early on"Each ETFs now have greater than $100B in AUM pic.twitter.com/g3jtbuBeWU
— Coinage (@coinage_media) December 20, 2024
This makes my coronary heart pleased, as bitcoin wasn’t designed to exist trapped inside the wrappers of the previous system. It was constructed to set us free from that system.
If Peirce can work with the incoming SEC Chair, Paul Atkins, to facilitate the approval of in-kind redemptions then the spot bitcoin ETFs can function a few of the greatest on-ramps to Bitcoin, as Bitwise co-founder Hong Kim put it, versus merely present as hypothesis autos.
Bitcoin was born to exist within the wild. It wasn’t born to exist in a Wall Avenue zoo.
In-kind redemptions would permit the bitcoin at the moment trapped inside the zoo the flexibility to return to its pure habitat.
This text is a Take. Opinions expressed are completely the writer’s and don’t essentially replicate these of BTC Inc or Bitcoin Journal.
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