Explanation at additional meeting with SEC

It has been revealed that the US SEC held a meeting with the applicants, BlackRock (for the second time) and Invesco, on the 28th of this week regarding the listing application for a physical Bitcoin ETF. A meeting with BlackRock was held on the 20th of this month.

It has been revealed that BlackRock submitted a revised version of its presentation materials regarding the issuance and redemption methods “in-kind” and “in-cash” presented last time at this meeting. .

The company said, “During a meeting with the SEC’s Trading and Markets staff on November 20, questions were resolved by the SEC regarding the balance sheet impact associated with the physical delivery model and the risks to market makers in the redemption process. At this meeting, they shared revised documents regarding physical delivery with the SEC.

The amended document says U.S. broker-dealers will no longer handle Bitcoin, thereby removing redemption-related risks for offshore market makers.

connection: BlackRock also meets with SEC to apply for listing of Bitcoin ETF

On the other hand, there are no particular details or presentation materials posted regarding the Invesco meeting.

connection:Learn about Bitcoin ETFs from the beginning: Explaining the advantages and disadvantages of investing and how to buy US stocks

SEC Chairman’s Reaction

At an event on Wednesday, SEC Chairman Gensler was reported to have once again responded to a question from a reporter about whether or not a Bitcoin ETF would be possible, saying, “I will not make a decision in advance.”

Last month, he made similar comments in the U.S. media, saying, “I’m not going to prejudge. SEC staff is working on multiple ETF filings,” and “An asset manager is about to make something public.” “In this case, these exchange-traded investment products must be registered with the SEC and are submitted through a process similar to going public, such as an IPO (initial public offering).”

connection: U.S. SEC Chairman comments on the progress of reviewing Bitcoin ETF applications

Bitcoin ETF special feature

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