Hey Allen, struggling with what you precisely mean here when you say "physical" redemption. What would physical redemption look like in a Bitcoin ETF/Trust?
Simply a request to send Bitcoin in equivalent value to my shares to my wallet on chain?
Login to reply
Replies (2)
Additionally, I'm not sure I followed where you are getting the assumption that the SEC (specifically) will definitely get into the business of marking clean and unclean coins and for what purpose?
What is the plausible (and likely draconian) enforcement mechanism that concerns you if the SEC were to start a coin purity testing regime?
well you as an individual wouldn’t have that option anyway. the authorised participants could (allegedly) redeem ETF shares for bitcoin of equal value, but “physical” means BlackRock would have to provide it onchain (although I suppose an exchange balance might count) rather than in some other form of IOU.