Looks like SEC just approved in-kind creation / redemption for all spot bitcoin and ether ETFs.

"Order granting accelerated approval" is such a nice sentence isn't it? Get ready for more it. How much is appropriate is the question. But certainly more approval in store. Prob early Fall.. "After careful review the Commission finds (that there's a new sheriff in town!)"

Few things on this: 1. This is just for APs (big inst who do cr/rd), doesn't mean retail can exchange IBIT for actual bitcoin (altho an ETF may launch soon that does that a la $OUNZ) 2. It's not huge impact to retail but more of a plumbing fix. It just makes the pipes a little better. 3. Gensler didn't want in-kind bc he wanted to close off the ETF to any potential bitcoin sourced from bad places (it goes back to his wild west concerns) but every other ETF does in-kind. Really this shows that this SEC is ready to treat crypto like legit asset class. That's the biggest takeaway imo