Growing Possibility of Bitcoin ETF Approval in US
The US Securities and Exchange Commission (SEC) may approve a spot bitcoin exchange-traded fund (ETF) for trading in the US by 10 January, according to Ark 21 Shares' application. The ETF would provide institutional and retail investors with easier exposure to bitcoin's price without requiring them to invest directly in the asset. The SEC may need to update its rules for how broker-dealers handle custody transactions before it can allow in-kind creations. Goldman Sachs is reportedly seeking to become an authorized participant for potential bitcoin ETFs, while JPMorgan, Jane Street, and Cantor Fitzgerald have already been named as authorized participants for some.
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