#BitcoinETF
#SEC
#BlackRock
#BitcoinRegulation
#Cryptocurrency
#TuurDemeester
#JoeCarlasare
#BitcoinSecurity
The U.S. Securities and Exchange Commission (SEC) is currently in the process of closely collaborating with spot Bitcoin Exchange-Traded Funds (ETFs) applicants. The purpose of this collaboration is to guide these applicants through the last stages of potential modifications before their eventual approval, which has been indicated by constant public updates to their S-1 files. Recently, BlackRock, an influential player within the industry, updated their S-1 application for their spot Bitcoin ETF. This update has intrigued many industry professionals due to a particularly significant change, leading to widespread discussions and conjecture within the Bitcoin community.
Additionally, the core of the issue appears to revolve around what some experts are interpreting as the SEC’s indirect requirement for a ‘kill switch’ within Bitcoin ETFs. This concern was brought to light by Tuur Demeester, founder of Adamant Research and member of the Texas Bitcoin Foundation, leading many to question, “Does the SEC demand a Bitcoin ETF kill switch?”. He made reference to a highlighted change in the phrasing of BlackRock’s recent S-1 filing by lawyer Joe Carlasare. This change suggests severe repercussions should Bitcoin ever be categorised as a security within the U.S., making it problematic to trade, clear or maintain custody of Bitcoin, with the potential for a significant impact on the cryptocurrency’s market value and liquidity.
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