SEC延誤了貝萊德的實物比特幣ETF贖回的決定

美國證券交易委員會（SEC）已決定擴展其對貝萊德的iShares比特幣信託是否可以提供實物兌換的審查

The U.S. Securities and Exchange Commission (SEC) has decided to defer its decision on whether BlackRock’s iShares Bitcoin Trust can offer in-kind redemptions.

美國證券交易委員會（SEC）決定將其決定延遲其貝萊德的iShares比特幣信託基金是否可以提供實物兌換。

This type of redemption allows investors to receive actual bitcoin instead of cash when redeeming shares of the iShares Bitcoin Trust.

這種類型的兌換使投資者在贖回iShares比特幣信託的股票時可以收到實際的比特幣，而不是現金。

The SEC has opened the proposal to public comment, the agency announced Tuesday. This step, covered in a notice of a meeting agenda, pushes back the timeline for approval or rejection.

該機構週二宣布，美國證券交易委員會已發表了公眾評論的提議。在會議議程的通知中涵蓋的這一步驟推遲了批准或拒絕的時間表。

Nasdaq filed an amendment to an existing rule to permit in-kind creations and redemptions for the iShares Bitcoin Trust. The application was made on June 20, amending an application for the original Bitcoin ETF, which launched in early 2024.

納斯達克對現有規則進行了修正案，以允許iShares比特幣信託的實物創造和贖回。該申請於6月20日提出，修改了2024年初推出的原始比特幣ETF的申請。

The original ETF approval required that the ETF’s shares be redeemed for cash. That meant BlackRock needed to convert bitcoin to dollars before returning funds to investors, a process preferred by the SEC at the time due to its regulatory clarity.

原始ETF批准要求將ETF的股票兌換為現金。這意味著貝萊德需要將比特幣轉換為美元，然後再將資金退還給投資者，這是SEC當時由於其監管清晰度而受到的。

The switch to in-kind transactions would streamline the ETF’s operations and could reduce transaction costs for investors. But it also raises policy and legal questions that the SEC is not yet ready to comment on.

轉換為實物交易將簡化ETF的運營，並可以降低投資者的交易成本。但這也提出了SEC尚未準備好發表評論的政策和法律問題。

The SEC is initiating proceedings under Section 19(b)(2)(B) of the Exchange Act to defer approval or disapproval of the proposed rule change.

SEC根據《交換法》第19（b）（2）（b）條啟動訴訟，以推遲批准或不贊成擬議的規則變更。

The agency invites interested parties to submit any data, views or arguments they may have bearing on the proposal by July 17.

該機構邀請感興趣的方提交他們在7月17日之前可能與該提案有關的任何數據，觀點或論點。

The outcome will be crucial for the future of crypto ETFs in the U.S.

結果對於美國加密ETF的未來至關重要