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

Odaily News Hester Peirce, a Republican member of the U.S. Securities and Exchange Commission (SEC), said in a recent panel discussion that the physical subscription and redemption mechanism for cryptocurrency ETFs "will definitely appear at some point in time" and that the relevant forms are currently under review.
Several companies, including BlackRock, have previously submitted applications to the SEC, hoping to switch the Bitcoin ETF from a cash subscription/redemption model to supporting physical operations. In January of this year, Nasdaq submitted a 19b-4 form on behalf of BlackRock to promote the change, and then many companies followed suit. Peirce pointed out that a large number of companies have expressed strong interest in the physical mechanism. (The Block)