SEC Greenlights In-of-of-of-nlight Creations：比特币ETP的游戏规则改变者？

SEC致力于比特币ETP的实物创作可能会彻底改变市场效率和机构采用。这是这种监管转变的低点。

SEC Greenlights In-Kind Creations: A Game Changer for Bitcoin ETPs?

SEC Greenlights In-of-of-of-nlight Creations：比特币ETP的游戏规则改变者？

The SEC's recent approval of in-kind creations and redemptions for Bitcoin and Ethereum ETPs marks a pivotal moment. This shift promises to streamline market efficiency and boost institutional interest. Let's dive into what this means for the future of crypto investment, New York style.

SEC最近对比特币和以太坊ETP的实物创造和赎回的认可标志着关键时刻。这种转变有望简化市场效率并提高机构利益。让我们深入了解这对加密投资，纽约风格的未来意味着什么。

What's the Big Deal with In-Kind Creations?

实物创作有什么大不了的？

For those not fluent in Wall Street jargon, in-kind creation allows authorized participants to exchange actual Bitcoin or Ether for ETP shares, rather than cash. Think of it as swapping your sneakers directly for a new phone, instead of selling the sneakers, getting cash, and then buying the phone. This cuts out a step, reducing costs and potential arbitrage risks for market makers. Bloomberg Intelligence ETF analyst James Seyffart calls it a

对于那些不流利的华尔街术语中的人，实物创造使授权参与者可以将实际的比特币或以太币交换为ETP股票，而不是现金。可以将其视为将运动鞋直接换成新手机，而不是出售运动鞋，获得现金然后购买手机。这减少了一步，降低了做市商的成本和潜在的套利风险。彭博情报ETF分析师James Seyffart称其为