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JUST IN: 🇺🇸 SEC just met with ALL spot Bitcoin ETF issuers and told them to remove any reference to "in-kind" redemptions from their filings. "Cash creates" only.

It's a done deal. 🤝

Negotiating the finer details.

Dirk 2y ago

I'm the first to admit I don't follow all the ins and outs of ETF structure, but the explicit removal of in-kind redemption sounds like a huge red flag. Are there proof of reserve requirements? How does anyone know the ETF is actually backed by anything? Seems like a huge opportunity for market manipulation. Anyone have some insight? #plebchain #bitco in

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Discussion

fun.relaxed.happy.satisfied 2y ago

Yeah there's always a fear of that, but the structure seems good.

And if they really try to use paper Bitcoin it's gonna blow up in their faces sooner or later.

Might cause temporary price swings.

Bitcoin will be unaffected 😇

Dirk 2y ago

Would you mind explaining how the structure seems good? I'm a simple man, I self custody, I don't know how to evaluate ETF structure.