币界网报道：The U.S. Securities and Exchange Commission (SEC) is reviewing redemption processes for proposed spot Bitcoin exchange-traded funds (ETFs), focusing on "in-kind" redemption models where shares are exchanged for Bitcoin rather than cash. This approach, preferred by firms like BlackRock and Grayscale, aims to minimize tax implications and market impact. The SEC's scrutiny comes as it evaluates multiple Bitcoin ETF applications, with industry observers speculating potential approvals by early 2024. Some issuers have proposed hybrid models combining in-kind and cash redemptions to address regulatory concerns. The review highlights ongoing negotiations between crypto firms and regulators to establish compliant structures for digital asset investment products. Analysts note that redemption mechanisms could significantly influence the final approval decisions and operational frameworks for these ETFs.