It is with no small amount of surprise that we learn the United States Securities and Exchange Commission (SEC) has decided to delay its judgment on VanEck’s request for In-Kind creations in the spot Bitcoin ETF application. A delay, it seems, that affects not only VanEck, but also the ever-hopeful WisdomTree, extending the same uncertainty to their spot Ethereum ETF offering. How dreadfully predictable! 😒
Let us recall, dear reader, that asset managers had humbly surrendered to this redemption model prior to the approval of both Bitcoin and Ethereum spot ETF products last year. Yet, VanEck and WisdomTree’s persistent requests suggest that the SEC has, shall we say, undergone a change of heart – or perhaps merely been swept up in the winds of crypto fervor. Such is the fickle nature of regulatory affairs! 🧐
The SEC, Ever the Tease, Sets New Date for In-Kind Creates Decision
According to the ever-diligent Eleanor Terrett, who shared the news with all who would listen on X (the platform formerly known as Twitter, for those still struggling to keep up), the new date on which the SEC will weigh this momentous decision is June 3. Can you imagine? A whole two months of anticipation! With In-Kind creations, those fortunate stakeholders may exchange the very Bitcoin and Ethereum directly, skipping the need to convert the funds to cash – a method that will surely make accountants weep with joy. 💸
It is well known that the SEC has previously opposed such In-Kind creations and redemptions. Why? Because, dear friends, it avoids the dreaded taxable events and promises to uphold liquidity and price stability. Naturally, this latest postponement is hardly surprising, given the SEC’s similar hesitation regarding Grayscale’s staking bid for their Ethereum ETF. The SEC, it seems, finds it necessary to ponder every decision with a gravitas deserving of the most serious matters of state. 🙄
As this tale unfolds, one can only wonder when, or if, a decision will ever come. But fret not, loyal reader, for we shall return with updates at the earliest convenience! 👀
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2025-04-14 22:13