Flirty SEC z ETF Bitcoin: Czy wykupie będą w porządku, czy nie? 🤔

Przepraszam, inwestorzy! Twoje marzenia bitcoinów mogą w końcu uzyskać niezgodne odkupienia, jeśli SEC przestanie wtrącić się. 🌟

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

W tej chwili model „w środku” jest smutnym, niezgrabnym kuzynem, który wymaga od emitentów ETF do samych konwersji bitcoinów. Jest tak samo usprawniony jak magnetowid z lat 80. – technologicznie przestarzały i podatny na błędy. Ponadto sprzedaż bitcoinów w celu pokrycia odkupień może zamienić się w wydarzenie podlegające opodatkowaniu, które jest tylko sposobem rządu na powiedzenie: „Dziękuję za ciężką pracę, teraz daj mi trochę tych pieniędzy”.

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