Six ETF issuers submit amendments to cryptocurrency ETF physical redemption, sending a "positive signal" to the US SEC

On July 23, according to The Block, 21Shares, Fidelity, Franklin Templeton, Galaxy, VanEck and WisdomTree all submitted revised proposals to the US SEC on Tuesday, requesting that their spot Bitcoin and Ethereum ETFs, as well as future cryptocurrency ETFs, adopt a physical subscription and redemption mechanism. Analysts believe that this move shows that the SEC's approval attitude towards cryptocurrency ETFs is turning positive. “More positive signals, indicating that the U.S. SEC is taking positive steps and is likely working on details,” said James Seyffart, an ETF analyst at Bloomberg. Seyffart added that the mechanism only applies to “authorized participants” such as large Wall Street institutions and market makers — not retail traders — who can redeem their ETF shares for underlying assets. [PANews]