Senior Bloomberg ETF analyst Eric Balchunas claims to be hearing chatter that the United States Securities and Exchange Commission (SEC) is in talks with exchanges over spot Bitcoin ETF.
SEC Advises Exchanges on Cash Creates
According to an earlier tweet, Balchunas stated that the SEC’s Trading and Markets division is advising most of these exchanges on the amendments to make.
“Hearing chatter SEC’s Trading & Markets engaged with exchanges this week on spot bitcoin ETF 19b-4s, is advising them they’d like the ETFs to do cash creates (vs in-kind), and has asked them to get in amendments in next couple weeks,” Balchunas wrote on the X app.
He noted that the move is not unexpected as it is also a good sign. In Balchunas’ opinion, the idea of “cash creates” is welcomed considering that it would mitigate the restrictions placed on broker-dealers.
In his words, Cash creates “keeps broker dealers from having to use unregistered subsidiaries or third party firms to
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