SEC延遲了BTC和ETH ETF的實物創作和贖回的決定，直到6月3日

根據X上埃莉諾·特雷特（Eleanor Terrett）的帖子，SEC已決定推遲其決定允許WisdomTroeeFunds和Vaneck處理實物創造和贖回的決定

The Securities and Exchange Commission (SEC) has decided to postpone its decision to allow WisdomTreeFunds and VanEck to process in-kind creations and redemptions for their BTC and ETH spot ETFs until June 3, according to a post by Eleanor Terrett on X.

根據X。 EleanorTerrett的帖子，美國證券交易委員會（SEC）已決定將其決定允許WisdomTreeFunds和Vaneck對其BTC和ETH現貨ETF進行實物創造和贖回，直到6月3日。

In-kind creations and redemptions are a topic that has been discussed extensively, especially in relation to the recent approval of the first BTC spot ETFs.

實物創造和贖回是廣泛討論的話題，尤其是與最新的BTC現場ETF的批准有關。

Explaining what in-kind creation involves, Terrett wrote that it is exchanging the underlying assets (like Bitcoin and Ethereum) directly without the need to convert in and out of cash—a rule that the Gensler SEC enforced.

特雷特（Terrett）解釋了什麼涉及什麼涉及什麼，它直接交換了基礎資產（例如比特幣和以太坊），而無需轉換和從現金中轉換，這是Gensler SEC強制執行的規則。

The regulator was against in-kind creations because they help people avoid taxable events, even though they also help maintain liquidity and price stability.

監管機構反對實物創作，因為它們還可以幫助人們避免應稅事件，即使它們也有助於維持流動性和價格穩定。

The SEC is still erring on the side of caution

SEC在謹慎的一邊仍在犯錯

Eleanor Terrett's post on X regarding the postponement drew attention and comments as netizens weighed in with their opinions and questions.

埃莉諾·特雷特（Eleanor Terrett）在X上發表的有關推遲的帖子引起了人們的注意和評論，因為網民對他們的意見和問題表示壓力。

One user asked if retail investors would be able to avoid taxable events via in-kind. Terrett responded by pointing out that in-kind creations will primarily benefit issuers and authorized participants (APs), not retail investors.

一位用戶詢問零售投資者是否能夠通過實物避免應稅事件。特雷特（Terrett）指出，實物創作將主要受益於發行人和授權參與者（APS），而不是零售投資者。

The fact that the SEC is still postponing its decision on in-kind ETF redemptions is a subject that has sparked interest and drew several comments.

SEC仍在推遲其對內在ETF贖回的決定，這一事實引發了人們的興趣並引起了一些評論。

One user asked if retail investors would be able to avoid taxable events via in-kind, to which Terrett responded by saying that in-kind creations will primarily benefit issuers and APs, not retail investors. Another user stated that the SEC is moving slowly and keeping the crypto industry in suspense as they wait to see if the regulator will soften its stance or put out more red tape.

一位用戶詢問零售投資者是否能夠通過實物避免應稅事件，Terrett對此做出回應，說內心創作將主要使發行人和APS受益，而不是零售投資者。另一位用戶表示，SEC正在緩慢移動，並保持加密工業的懸念，因為他們等待監管機構是否會減輕其立場或提出更多的繁文tape節。

This approach, which was common under Gensler, is one of the things that had been hindering crypto innovation in America and people expected a different approach under Paul Atkins.

這種方法是在Gensler領導下的常見方法，是阻礙美國加密創新的事情之一，人們期望在Paul Atkins的領導下採取不同的方法。

"Paul Atkins coming in and delaying things was not on my bingo card," one user wrote. Another added that the delay keeps the crypto industry on edge as they can't decide if the SEC will soften its stance or put out more red tape

一位用戶寫道：“保羅·阿特金斯（Paul Atkins）進來並延遲了我的賓果遊戲卡上。”另一個補充說，延遲使加密貨幣行業處於邊緣狀態，因為他們無法決定SEC是否會軟化其立場或提出更多繁文tape節

Things may speed up when Paul

當保羅時，事情可能會加快

Atkins officially takes over

阿特金斯正式接管

Some users on X seem to think that all these delays from the SEC have something to do with the new SEC head, Paul Atkins. Unlike Gensler, Atkins is bolder and actually seems interested in crypto innovation as opposed to regulation, so people expected that by now, the SEC would have done more to do things better for the industry.

X上的一些用戶似乎認為SEC的所有這些延遲都與新的SEC負責人Paul Atkins有關。與Gensler不同，Atkins更大膽，實際上似乎對加密創新感興趣，而不是監管，因此人們期望，到目前為止，SEC將為行業做得更好。

However, some hours ago, Terrett clarified that Paul Atkins is yet to take his seat at the SEC.

但是，幾個小時前，特雷特澄清說，保羅·阿特金斯尚未在SEC坐下。

"There are a few procedural steps before he can officially start including President Trump signing off on his appointment and the formal swearing-in," she added. This could happen any time over the next few days so stay tuned.

她補充說：“有幾個程序步驟才能正式開始，包括特朗普總統在任命和正式宣誓就職。”這可能在接下來的幾天內隨時發生，因此請繼續關注。

Terrett later clarified that Trump's 'sign-off' is "purely procedurally" and "essentially a ministerial function, just part of the standard paperwork process.

Terrett後來澄清說，特朗普的“簽字”是“純粹是程序上”，“本質上是部長職能，只是標准文書工作過程的一部分。