Source: cryptoslate

Translation: Blockchain Knight

The SEC has approved relevant directives allowing authorized participants to create and redeem shares of Bitcoin and Ethereum spot ETPs in physical form.

According to a statement on July 29, the SEC positioned this move as "aligning cryptocurrency funds with the standard operations of commodity ETPs," stating that this adjustment will reduce costs and enhance market efficiency.

SEC Chairman Paul Atkins stated in the announcement: "The SEC has entered a new era, and one of my core tasks as chairman is to build a suitable regulatory framework for the crypto asset market. Investors will benefit from these approvals as they will make such products cheaper and more efficient."

Jamie Selway, head of the Trading and Markets Division, called this decision "an important advancement," adding flexibility for issuers and authorized participants.

The SEC also advanced a series of broader measures, including approving exchange applications to list "Bitcoin and Ethereum mixed spot ETPs," options for specific Bitcoin spot ETPs, flexible options for certain Bitcoin ETP shares, and increasing the position limit for specific Bitcoin ETP listing options to a general cap of 250,000 contracts.

Additionally, the SEC issued a scheduling directive seeking comments on the delegated approval of two large-cap cryptocurrency ETPs.

This initiative was launched following Cboe's amendment proposal for these products on July 22, which ETF analysts had previously viewed as a positive signal.

According to the new directive, authorized participants (typically large trading firms and banks) can deliver or receive BTC or ETH when creating or redeeming ETF shares.

For most investors, the trading process will not change; shares will still be traded on exchanges and closely track net asset value. Therefore, this adjustment represents a structural change, allowing authorized participants to directly transfer cryptocurrencies rather than raising or liquidating large cash positions.

This will help funds reduce friction costs, narrow spreads, and manage portfolios more efficiently, especially during periods of market volatility.

Bloomberg's Eric Balchunas stated on the X platform that the SEC "just approved the physical creation and redemption mechanism for all Bitcoin and Ethereum spot ETFs," noting that the "accelerated approval directive" suggests more decisions may come before early fall.

James Seyffart predicts that future altcoin ETFs may adopt a physical mechanism from the outset, calling it "another step in the right direction."

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