Hello friends, after a series of emergency meetings that could be key to determining the future of the price of bitcoin, fomo returns to the cryptocurrency market with only 5 days left until the end of 2023 and the uncertainty over the approval or not of the etfs has once again caused the price of several cryptocurrencies to explode.
Bitcoin flirted with a new high in 2023 and some of the main altcoins left brutal increases of more than 20% daily, as is the case with solana, which has already accumulated a whopping more than 1000% growth so far this year and is that in the midst of one of the largest regulatory battles in history, Sega has had a series of special meetings that could be decisive for bitcoin during the next year 2024.
The SEC Reveals the final date after a month without much news in which it seemed that everything related to the bitcoin etf had been forgotten this week the SEC has turned the tables by organizing a series of meetings of emergency that could be key to the approval of the etf.
Yodo began on December 20, when it was reported that the SEC was having a series of special telephone meetings with each and every one of the 12 now 13 bitcoin ETF applicants, a meeting that had the main objective of being able to make The latest adjustments and changes to prepare the ETF for approval raised quite a few expectations among the community.
Furthermore, according to Fox Business News chief correspondent Charlie Gasparino, these meetings are quite rare in the regulatory field and in fact reflect that both the interest and commitment of the SEC to approve the ETF is real and in this case another of the objectives was that of being able to get the main investment funds to accept the ETF exchange model called cash creates and modify each one's funds to this new mode.
In fact, as reported by the famous Fox business journalist Eleonor Terret, internal sources had revealed to her that the SEC was seeking to ensure that all ETF applicants accepted the Cash Creates and eliminated In-kind redemptions from their applications.
| But what is Cash create? |
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From what I have been able to investigate, this is a fairly important aspect because they did not include some of the main funds and after this talk, even BlackRock itself has adapted its model to the requests of the SEC in order to have its ETF approved as soon as possible and explained in a simple way.
The Cash creates or model is the one that mainly authorizes the deposit of cash in the ETF equivalent to the value of the units that are then created in the fund. Use this cash to buy the asset, such as in this case bitcoin, while the second option for creations in kind, the participant deposits a basket of securities that match the composition and weighting of the ETF portfolio.
Since this allows the fund to issue creation units to the investor without immediately selling the securities for cash, in this case the second model is better for investment funds as it is more efficient and they avoid supply and demand differences and intermediary commissions. for having to be selling to make money, while the first is more flexible and better for investors.
| But why does the SEC want the Cash creates model? |
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Basically because the SEC has the objective of prohibiting Broker Dealers from participating directly in bitcoin trading so that damages are minimized and to prevent direct bitcoin transactions by these giants that could lead to certain manipulation or advantageous use of information.
A model that has been adapted by main funds including BlackRock and you are probably wondering why funds are interested in a model that gives them less freedom? basically and one of the top points is that BlackRock has a brutal approval history that currently has 576 ETF presentations of which 575 have been approved or what is the same 99% which does not surprise me at all that it is adapt to the requests of the SEC with the aim of satisfying regulators and continuing with its approval rate, which is the highest in the world.
Thus maintaining its great status and allowing the SEC not to have many more excuses for its approval, something that we have even seen reflected a few days ago after the revelation that BlackRock made in which it confessed that one of the company's priority objectives was to achieve approval of the ETF so they are working on this to be done as soon as possible to be able to fully enter and thus revolutionize the market.
In fact, as reported by sources from the SEC, the approval is getting closer and the intention of the SEC is to be able to approve it before January 10 if possible or in other words, there are less than 15 days left for one of the most important in the history of bitcoin without a doubt.
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