The US SEC has approved the establishment and redemption of a cryptocurrency Spot ETF.

## Spot settings and redemption have finally been established.

The U.S. Securities and Exchange Commission (SEC) announced on the 30th of Japan time that it has voted to approve the establishment and redemption of a cryptocurrency Spot ETF in kind. This allows designated participants to set up and redeem in kind, marking a significant advancement from the traditional cash-based approach.

The approved products include Bitcoin and Ethereum ETFs from BlackRock, ARK 21, Fidelity, VanEck, and Franklin Templeton. As a result, Nasdaq, New York Stock Exchange Arca, and Cboe BZX Exchange have obtained accelerated approval for spot redemptions.

SEC Chairman Paul Atkins stated in a declaration that "it is a new day for the SEC, and developing a regulatory framework suitable for the cryptocurrency asset market is a key priority of the chairman's position," explaining that it would benefit investors by reducing costs and improving efficiency.

He also stated, "Today's approval continues to build a rational regulatory framework for cryptocurrencies, leading to a deeper and more dynamic market that will benefit investors across the country."

James Seyfarth, an ETF analyst at Bloomberg, explained last week that the spot creation and redemption will not apply to individual investors, but rather it will be a move aimed at designated participants such as major Wall Street firms and market makers. He pointed out that the cryptocurrency ETF is already highly efficient, so most people do not feel a difference, but this is a measure to treat it similarly to other traditional ETFs.