SEC Delays Decision on Bitwise Cryptocurrency ETF Physical Redemption

A filing submitted by the U.S. Securities and Exchange Commission (SEC) on July 17 shows that the regulator has decided to extend the review period for Bitwise's Bitcoin and Ethereum spot ETF on the NYSE Arca, which allows for an in-kind redemption mechanism, stating that it needs more time to assess the rule change and the issues involved. If approved, investors will be able to redeem ETF holdings directly in $BTC or $ETH, which may involve related tax implications. The decision originally had a 45-day limit, which can be extended to a maximum of 90 days. [Cointelegraph]