SEC member: Bitcoin ETF physical redemption mechanism may be implemented, and related applications are under review

Planet Daily News: In a recent panel discussion, Hester Peirce, a Republican commissioner of the U.S. Securities and Exchange Commission (SEC), stated that the physical subscription and redemption mechanism for cryptocurrency ETFs will "definitely appear at some point," and the relevant forms are currently under review. Several companies, including BlackRock, have previously submitted applications to the SEC, hoping to convert Bitcoin ETFs from a cash subscription/redemption model to one supporting physical operations. In January, Nasdaq submitted a 19b-4 form on behalf of BlackRock to promote this change, with many companies subsequently following suit. Peirce noted that numerous enterprises have expressed strong interest in the physical mechanism. ()