US SEC Commissioner: Physical redemption of cryptocurrency ETFs may be coming soon, and relevant applications are under review

PANews reported on June 26 that according to The Block, Hester Peirce, a Republican member of the U.S. Securities and Exchange Commission, said that the physical redemption mechanism of cryptocurrency ETFs may be coming soon. During a panel discussion at the Bitcoin Policy Institute on Wednesday, someone asked whether the commission would approve the physical subscription and redemption mechanism and whether it was "about to be realized." Peirce said: "These (forms) are currently under review. So I think that at some point, the physical subscription and redemption mechanism will definitely come. I can't judge in advance, but we have heard that many companies are very interested in this."

Several companies, including BlackRock, have been applying to the agency for months to allow Bitcoin ETFs to be purchased and redeemed in kind, rather than having to use cash. In January, Nasdaq filed a 19b-4 form on behalf of BlackRock to promote the change, and other companies have followed suit since then.