SEC holds calls with spot bitcoin ETF hopefuls as possible approval nears

The Securities and Exchange Commission is wasting no time preparing the financial industry for possibly the biggest regulatory event in the history of the $1.6 trillion crypto market: The potential approval of a “spot” bitcoin ETF in the new year.

SEC staffers held separate telephone conference calls with spot bitcoin ETF hopefuls on Thursday afternoon, FOX Business has learned. The calls involved some minutiae on the application process, but also delivered a definitive message on how the ETFs need to be structured. The agency staffers said the SEC will only consider applications that structure an ETF that allows issuers to only buy the product using cash instead of so-called “in kind” purchases using bitcoin. Similarly, redemptions of the ETF must be provided onl