On a current episode of the Coinage podcast, visitor SEC Commissioner Hester Peirce stated that she is open to reconsidering in-kind redemptions for spot bitcoin ETFs.
(For individuals who aren’t conversant in the time period “in-kind redemption,” it refers back to the means to withdraw the bitcoin you’ve bought by way of an ETF into your individual 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 SECETF in-kind redemptions and skill for ETF issuers to start staking doubtless carried out "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This makes my coronary heart joyful, as bitcoin wasn’t designed to exist trapped throughout the wrappers of the outdated system.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 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 permit the bitcoin presently trapped throughout the zoo the power to return to its pure habitat.
This text is a Take. Opinions expressed are completely the writer’s and don’t essentially replicate these of BTC Inc or Bitcoin Journal.
