The U.S. Stock Exchange and the Securities Commission (SEC) approved an order that was approved on Tuesday, July 29th, allowing authorized participants to perform the creation and refund of ETF spots (cash) based on Bitcoin and other cryptocurrencies.
The decision shows a major change in Bitcoin and ether against approved ETFs limited to cash management.
With approved orders, Bitcoin and Ether ETFs can now create and redeem actions, just like other ETFs based on goods approved by the SEC. Delivery (type) of the underlying asset instead of cash.
This change will allow these products to increase flexibility and efficiency to suit the standard practices of other ETFs based on the product.
Paul S. Atkins, president of the SEC, emphasized the importance of this decision. “This is the new day for the SEC, and a key priority for my presidency is developing a proper regulatory framework for the crypto market.”
He added: «We are pleased that the Committee has approved these orders that allow for works and refunds for a series of cryptographically active ETFs. Investors will benefit from these approvals as they make these products cheaper and more efficient. ”
Atkins added that these measures are contributing Build a reasonable regulatory framework for cryptocurrencypromoting deeper, more dynamic markets that benefit all investors.
As reported by Cryptootics, under Atkins’s control, the committee presents the course exactly the opposite of the management of former President Gary Gensler. Gary Gensler.
“We are pleased to announce that Jamie Selway, Director of SEEC negotiations and Markets,” said Jamie Selway, director of SEEC negotiations and markets.
Type creation and refunds provide flexibility and cost savings for ETF issuers, accredited participants and investors, making it a more efficient market. ”