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 accustomed to 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 actual factor.)
BREAKING: SEC Commissioner Hester Peirce previews new pro-crypto modifications coming to the SECETF in-kind redemptions and skill for ETF issuers to start staking doubtless completed "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This makes my coronary heart glad, as bitcoin wasn’t designed to exist trapped throughout the wrappers of the outdated system.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 number of the greatest on-ramps to Bitcoin, as Bitwise co-founder Hong Kim put it, versus merely present as hypothesis autos.
Bitcoin was born to exist within the wild. It wasn’t born to exist in a Wall Road zoo.
In-kind redemptions would enable the bitcoin presently trapped throughout the zoo the flexibility to return to its pure habitat.
This text is a Take. Opinions expressed are fully the writer’s and don’t essentially mirror these of BTC Inc or Bitcoin Journal.
