SEC延误了贝莱德的实物比特币ETF赎回的决定

美国证券交易委员会（SEC）已决定扩展其对贝莱德的iShares比特币信托是否可以提供实物兑换的审查

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.

美国证券交易委员会（SEC）决定将其决定延迟其贝莱德的iShares比特币信托基金是否可以提供实物兑换。

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

这种类型的兑换使投资者在赎回iShares比特币信托的股票时可以收到实际的比特币，而不是现金。

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.

该机构周二宣布，美国证券交易委员会已发表了公众评论的提议。在会议议程的通知中涵盖的这一步骤推迟了批准或拒绝的时间表。

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.

纳斯达克对现有规则进行了修正案，以允许iShares比特币信托的实物创造和赎回。该申请于6月20日提出，修改了2024年初推出的原始比特币ETF的申请。

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批准要求将ETF的股票兑换为现金。这意味着贝莱德需要将比特币转换为美元，然后再将资金退还给投资者，这是SEC当时由于其监管清晰度而受到的。

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.

转换为实物交易将简化ETF的运营，并可以降低投资者的交易成本。但这也提出了SEC尚未准备好发表评论的政策和法律问题。

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根据《交换法》第19（b）（2）（b）条启动诉讼，以推迟批准或不赞成拟议的规则变更。

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

该机构邀请感兴趣的方提交他们在7月17日之前可能与该提案有关的任何数据，观点或论点。

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

结果对于美国加密ETF的未来至关重要