In the early morning of Wednesday Beijing time, the SEC suddenly announced the approval of the physical redemption of $BTC and $ETH spot ETFs, which is the most important crypto asset "institutional upgrade" in the U.S. regulatory framework after the approval of spot ETFs. SEC Chairman Paul S. Atkins said that the regulatory philosophy has shifted to adapt to the institutional framework of the crypto market, advocating for a suitable and reasonable regulatory framework for the crypto asset market. The physical subscription and redemption mechanism will reduce ETF costs, improve efficiency, and benefit all investors. This indicates that the SEC is shifting from defensive regulation to constructive regulation, acknowledging that BTC and ETH are commodity-like assets and should be treated with reference to commodity-type ETPs. This article is sponsored by #Bitget | @Bitget_zh