US SEC Delays Decision on Physical Redemptions of Bitwise Bitcoin and Ethereum ETFs

PANews reported on July 17 that according to Cointelegraph, the U.S. Securities and Exchange Commission (SEC) disclosed documents on July 17 that the regulator decided to extend the approval period for the "physical redemption" mechanism of Bitwise Bitcoin Spot ETF and Ethereum Spot ETF. The SEC said it needed more time to evaluate the relevant rule changes and extended the original 45-day approval period to a maximum of 90 days. The physical redemption mechanism allows investors to redeem ETF shares directly in the form of underlying assets, which may have different tax implications compared to cash redemptions. The extension involves two ETF listing applications submitted by the New York Stock Exchange Arca platform.