**Exciting News from SEC about Bitcoin ETFs!** 🚀
🔴 Bloomberg expert Eric Balchunas recently revealed the latest updates from the U.S. Securities and Exchange Commission (SEC) aimed at streamlining the involvement of third parties in Spot Bitcoin ETFs through a new redemption model.
➡️ The SEC has set a deadline of December 29, 2023, for spot Bitcoin exchange-traded fund (ETF) applications to submit their final S-1 amendment. 🗓️
⚠️ Issuers are also required to enter agreements with Authorized Participants (APs) and specify the redemption models to be used. 🔒
➡️ Balchunas highlighted the importance of the S-1 Amendment deadline and the challenges of finding approved APs in a recent post. 🌟
➡️ He noted that not only does the SEC require APs to be named but they also need to act as underwriters, ensuring new ETF shares are available to the market. 💼
📣 This new requirement has sparked concerns among potential APs due to the complexity of the asset class and potential legal risks. ⚠️