SEC votes to allow in-kind redemptions for crypto ETPs
Main Idea
The SEC has approved in-kind creation and redemption for cryptocurrency ETPs, aiming to reduce costs and increase efficiency in the market.
Key Points
1. The US Securities and Exchange Commission (SEC) approved in-kind creation and redemption for cryptocurrency exchange-traded products (ETPs).
2. SEC Chairman Paul Atkins stated that the new rules will make crypto ETPs 'less costly and more efficient.'
3. Jamie Selway, Director of the Division of Trading and Markets, highlighted that in-kind creation and redemption provide flexibility and cost savings to the ETP market.
Description
SEC Chair Paul Atkins said the new rules will make crypto exchange-traded products "less costly and more efficient."
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