US SEC postpones decision on physical redemption of Bitwise Bitcoin and Ethereum ETFs

According to a document released on Wednesday, the US Securities and Exchange Commission (SEC) has postponed its decision on the physical redemption mechanism for the Bitwise Bitcoin ETF Trust Fund and Bitwise Ethereum ETF. This is the latest sign that US regulatory agencies are still exercising restraint against the backdrop of an improved political environment for cryptocurrencies. The document shows that the SEC will make a ruling before September 8th, at which time it may approve, reject the application, or choose to further review the matter. The committee believes that it is necessary to designate a longer period of time to take action on the proposed rule changes, in order to have sufficient time to review the proposed changes and the issues raised therein The so-called physical redemption refers to investors being able to directly exchange ETF shares for the underlying tokens held by the fund, thereby avoiding certain tax burdens. This mechanism has always been a sensitive topic, with regulatory agencies expressing concerns about its complexity and security, while ETF issuers are eager to provide the same functionality as traditional non crypto ETFs.