Golden Finance reported that Bloomberg analyst Eric Balchunas said on the X platform that the SEC's Trading and Markets Division communicated with the exchange this week on the spot Bitcoin ETF 19b-4 document, suggesting to the trading platform that the ETF should be created in cash (rather than in kind), and asked the trading platform to make changes in the next few weeks. Eric Balchunas said that cash creates make sense because broker-dealers cannot trade Bitcoin, so cash creates put the issuer on the responsibility of trading Bitcoin and save broker-dealers from having to use unregistered subsidiaries or third-party companies to trade Bitcoin, which is less restrictive overall. Currently, only 2-3 applicants plan to use cash creates, and the rest hope to do it in kind, so they may have to make adjustments or risk delays. But this will not change our 90% approval probability, which is a good sign that the process is moving forward.

#SEC