Latest news with #JamieSelway
Crypto Insight
a day ago
- Business
- Crypto Insight
SEC approves in-kind creations and redemptions for crypto ETPs
The US Securities and Exchange Commission (SEC) has approved in-kind creation and redemption for cryptocurrency exchange-traded products (ETPs), giving authorized representatives the ability to exchange shares directly for the underlying crypto assets instead of cash. In a Tuesday announcement, the securities regulator stated that approved Bitcoin and Ether funds will be permitted to create and redeem shares on an in-kind basis. 'It's a new day at the SEC, and a key priority of my chairmanship is developing a fit-for-purpose regulatory framework for crypto asset markets,' SEC Chairman Paul Atkins said in a statement. Atkins said the new rules will make crypto ETPs 'less costly and more efficient.' 'In-kind creation and redemption provide flexibility and cost savings to ETP issuers, authorized participants, and investors, resulting in a more efficient market,' said Jamie Selway, director of the Division of Trading and Markets at the SEC. In the context of the already approved spot crypto exchange-traded funds (ETFs), in-kind redemptions allow investors to receive the underlying assets, such as Bitcoin or Ether, instead of cash when redeeming shares. This method is generally considered more efficient, as it enables the fund's authorized participants to avoid selling the assets on the market, potentially reducing transaction costs. Regulatory momentum builds around crypto ETFs and policy reform When the SEC approved spot Bitcoin and Ether ETFs in 2024, it only allowed cash redemptions, withholding approval for in-kind creations and redemptions. Since then, momentum has steadily shifted toward embracing in-kind mechanisms. At the Bitcoin Policy Institute conference last month, SEC Commissioner Hester Peirce acknowledged the growing interest in permitting in-kind redemptions. This shift reflects a broader industry trend toward more pro-crypto policy, largely driven by the Trump administration's commitment to supporting the sector's growth. The movement gained further traction earlier this month when Congress passed three significant crypto-related bills addressing market structure, stablecoins and the prevention of a surveillance-oriented central bank digital currency. Amid the broader pro-industry policy shift, demand for crypto ETFs continues to grow. As Cointelegraph reported, US spot Bitcoin ETFs recently recorded a 12-day streak of inflows, bringing in $6.6 billion in assets. Collectively, US Bitcoin ETFs now hold more than 1.298 million BTC, valued at approximately $152.1 billion, according to Bitbo data. Momentum is also building around Ether ETFs. BlackRock's iShares Ethereum ETF recently surpassed $10 billion in assets in just 251 days, making it the third-fastest fund to reach that milestone. Source:
Yahoo
13-06-2025
- Business
- Yahoo
SEC Taps New Director of Trading and Markets Who Has Crypto Ties
(Bloomberg) -- The US Securities and Exchange Commission announced four hires for prominent roles, including a new director of trading and markets who has ties to the crypto industry. Shuttered NY College Has Alumni Fighting Over Its Future Trump's Military Parade Has Washington Bracing for Tanks and Weaponry NYC Renters Brace for Price Hikes After Broker-Fee Ban Do World's Fairs Still Matter? As Part of a $45 Billion Push, ICE Prepares for a Vast Expansion of Detention Space Jamie Selway will lead a division responsible for regulating major securities market participants. He has previously served as the global head of institutional markets at as well as the chair of Skew's board of directors. Coinbase Global Inc. acquired Skew, which provides data visualization and analytics for crypto markets, in 2021. The announcements come as SEC Chair Paul Atkins has taken a friendlier approach toward cryptocurrency companies and moved to scale back some regulations. He has recently questioned the complexity of compensation disclosures for chief executive officers, discussed potential limits on data collected from hedge funds, and said that crypto broker rules may be overhauled. Brian Daly will manage the investment management division. He has served as a partner at Akin Gump Strauss Hauer & Feld LLP for the past four years and had worked as a partner in the investment management group of Schulte Roth & Zabel LLP. Kurt Hohl will be the agency's chief accountant. He served at the SEC from 1989 to 1997. Hohl then joined Ernst & Young, where he worked as a partner for 26 years before he founded Corallium Advisors, an auditing and regulatory compliance firm. The agency said that Erik Hotmire will also return to the SEC as chief external affairs officer and director of the Office of Public Affairs. --With assistance from Nicola M White. American Mid: Hampton Inn's Good-Enough Formula for World Domination The Spying Scandal Rocking the World of HR Software New Grads Join Worst Entry-Level Job Market in Years As Companies Abandon Climate Pledges, Is There a Silver Lining? US Tariffs Threaten to Derail Vietnam's Historic Industrial Boom ©2025 Bloomberg L.P. Sign in to access your portfolio
Yahoo
13-06-2025
- Business
- Yahoo
SEC Taps New Director of Trading and Markets Who Has Crypto Ties
(Bloomberg) -- The US Securities and Exchange Commission announced four hires for prominent roles, including a new director of trading and markets who has ties to the crypto industry. Shuttered NY College Has Alumni Fighting Over Its Future Trump's Military Parade Has Washington Bracing for Tanks and Weaponry NYC Renters Brace for Price Hikes After Broker-Fee Ban Do World's Fairs Still Matter? As Part of a $45 Billion Push, ICE Prepares for a Vast Expansion of Detention Space Jamie Selway will lead a division responsible for regulating major securities market participants. He has previously served as the global head of institutional markets at as well as the chair of Skew's board of directors. Coinbase Global Inc. acquired Skew, which provides data visualization and analytics for crypto markets, in 2021. The announcements come as SEC Chair Paul Atkins has taken a friendlier approach toward cryptocurrency companies and moved to scale back some regulations. He has recently questioned the complexity of compensation disclosures for chief executive officers, discussed potential limits on data collected from hedge funds, and said that crypto broker rules may be overhauled. Brian Daly will manage the investment management division. He has served as a partner at Akin Gump Strauss Hauer & Feld LLP for the past four years and had worked as a partner in the investment management group of Schulte Roth & Zabel LLP. Kurt Hohl will be the agency's chief accountant. He served at the SEC from 1989 to 1997. Hohl then joined Ernst & Young, where he worked as a partner for 26 years before he founded Corallium Advisors, an auditing and regulatory compliance firm. The agency said that Erik Hotmire will also return to the SEC as chief external affairs officer and director of the Office of Public Affairs. --With assistance from Nicola M White. American Mid: Hampton Inn's Good-Enough Formula for World Domination The Spying Scandal Rocking the World of HR Software New Grads Join Worst Entry-Level Job Market in Years As Companies Abandon Climate Pledges, Is There a Silver Lining? US Tariffs Threaten to Derail Vietnam's Historic Industrial Boom ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
13-06-2025
- Business
- Bloomberg
SEC Taps New Director of Trading and Markets Who Has Crypto Ties
The US Securities and Exchange Commission announced four hires for prominent roles, including a new director of trading and markets who has ties to the crypto industry. Jamie Selway will lead a division responsible for regulating major securities market participants. He has previously served as the global head of institutional markets at as well as the chair of Skew's board of directors. Coinbase Global Inc. acquired Skew, which provides data visualization and analytics for crypto markets, in 2021.
Reuters
13-06-2025
- Business
- Reuters
US Securities and Exchange Commission names markets unit chief
NEW YORK, June 13 (Reuters) - The U.S. Securities and Exchange Commission on Friday said Jamie Selway will become director of the agency's Trading and Markets division, effective June 17. Selway is a longtime market structure and investment technology expert. Reuters previously reported he had been tapped for the role.
