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. 
Discussion
No in kind redemptions is crazy
And next, only cash redemptions? Expecting this to be a bitcoin black hole for the govt.
What does in-kind and cash crates mean? Any significance in this?
My shocked face 😐
I predict these goons will perpetually delay an etf
Because the spot liquidity does not exist
What would be the real reason(s) for implementing these in kind restrictions? I read elimination of certain tax benefits, and I have my own ideas about why this is being insisted on, but I'm curious what others think.
#nostr #nostriches #bitcoin #plebs #plebchain #asknostr
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
nostr:note1kln7vj4v63dq9qmzgvvgjkcp0jew4lla5sujhcnez2ldp5tagmysn22jmn
what'z up with the bald guy's hand movement all the time while speaking, creepz cringy
Paper bitcoin is here