According to the media The Block, it is reported that companies have reached resolutions with the U.S. Securities and Exchange Commission (SEC) regarding three concerns about the Bitcoin spot ETF; however, the Ethereum spot ETF The situation remains unclear.
Overcoming the SEC’s concerns about physical versus cash redemptions
It has been reported in the past that many companies have had close communication with the SEC to resolve some important issues, including selecting appropriate models, Identify authorized participants and develop strategies for hard forks and airdrops. These efforts are bearing fruit, as companies such as Grayscale have adjusted their creation and redemption models to align with the SEC’s preferences. Initially, Grayscale advocated a physical delivery model but has now moved to a cash model. This model was first discussed and applied by Blackrock and the SEC.
Open authorized participants
Recently, the naming of authorized participants in application documents has become an important development. Although this is not common practice, the SEC recognized this move. Major players such as Blackrock and Valkyrie have disclosed key partners. These players play important roles in the creation and redemption of ETFs, highlighting the importance of transparency in these operations.
Managing technical challenges: Responding to hard forks and airdrops
Issuers reached a consensus on how to deal with hard forks and airdrops, and decided to give up hard fork token rights to ensure centralized and efficient ETF operations .
Continuous discussions with the SEC
In the past week, exchanges like NYSE and Nasdaq have actively interacted with the SEC. These meetings covered all aspects of pending filings and reflected the intensity of ongoing discussions, but did not necessarily mean that a spot Bitcoin ETF was imminent.
In any case, ETF analysts still believe that if the probability of approval is low, these discussions are meaningless, which shows that the SEC is not opposed to approval.
The unknown prospects of Ethereum spot ETFs
In contrast to the progress of Bitcoin ETFs, the prospects for Ethereum spot ETFs are still uncertain Sure. The SEC has not yet expressed its objection to such funds, and approval is in limbo. This is not the case with Bitcoin, as the SEC’s approval of futures-based ETFs has set a precedent that may impact the approval process for spot Bitcoin ETFs.
In short, the development of spot Bitcoin ETFs is making significant progress, and companies are actively responding to the SEC’s concerns. While challenges remain, the industry's adaptability and willingness to engage with regulators bodes well for possible approvals.
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