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 many who aren’t acquainted with the time period “in-kind redemption,” it refers back to the capacity to withdraw the bitcoin you’ve bought by way of an ETF into your personal custody. In essence, it turns a bitcoin IOU into the true factor.)
BREAKING: SEC Commissioner Hester Peirce previews new pro-crypto modifications coming to the SEC
ETF in-kind redemptions and skill for ETF issuers to start staking doubtless executed "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 comfortable, 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 largest on-ramps to Bitcoin, as Bitwise co-founder Hong Kim put it, versus merely current 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 enable the bitcoin presently trapped inside the zoo the flexibility to return to its pure habitat.
This text is a Take. Opinions expressed are completely the creator’s and don’t essentially replicate these of BTC Inc or Bitcoin Journal.
