Bitcoin ETFを備えたSECが浮気します:redいは現物かどうかにかかわらず? 🤔

すみません、投資家!あなたのビットコインの夢は、SECが干渉を止めた場合、ついに現代のredいを得るかもしれません。 🌟

Pro-crypto SEC Commissioner Hester Peirce, who seems to have as much patience as a cat in a bath, announced that the agency is *considering* in-kind redemptions for Bitcoin ETFs. Because nothing says “trust me” like a government agency teasing a change. Bitcoin

The SEC initially threw open the gates for Bitcoin ETFs in early 2024 — sort of like a dad reluctantly giving his teenager the keys to the car. Just as everyone was getting excited, BlackRock, the financial equivalent of that kid who’s always bragging about their new sneakers, caved and agreed to exclude in-kind redemptions, kowtowing to the regulator’s demands. Classic. BlackRock logo

If in-kind redemptions *finally* happen, investors could receive the real deal—actual Bitcoin—instead of the boring old cash. Because who wants cash when you can have what amounts to a digital ‘get out of jail free’ card? It’s supposed to make everything run smoother, like placing a pleased cat in a sunlight patch. Authorized participants could exchange ETF shares directly for Bitcoin, thus avoiding the headache-inducing tax maze. Tax maze

現在、「インキャッシュ」モデルは、ETF発行者がビットコインの変換を自分で処理することを要求する悲しい、不格好ないとこです。それは、1980年代のVCRと同じくらい合理化されており、技術的に時代遅れでバグが生じやすいです。さらに、redいをカバーするためにビットコインを販売することは、課税対象のイベントに変わる可能性があります。これは、「あなたの努力に感謝します。今、私にそのお金を与えてください」と言う方法です。

Earlier this year, bold ETF issuers—probably fueled by too much coffee—pitched ideas to let investors do in-kind redemptions. BlackRock, ever the overachiever, filed a proposal with the Nasdaq in January 2025, because what could go wrong when billionaires play with tax rules? BlackRock Proposal

2025-06-03 09:30