The U.S. Securities and Exchange Commission (SEC) has approved in-kind creation and redemption for cryptocurrency exchange-traded products (ETPs), marking a significant step toward improving efficiency and reducing costs in the crypto investment landscape.
The change allows authorized participants to exchange ETP shares directly for the underlying crypto assets—rather than settling in cash—streamlining the creation and redemption process.
SEC Chairman Paul Atkins said the move would make crypto ETPs “less costly and more efficient,” while Jamie Selway, director of the SEC’s Division of Trading and Markets, added that the new structure would offer “flexibility and cost savings” for issuers, intermediaries, and investors alike. The reform is seen as a key development for broader institutional adoption of crypto-based investment vehicles and could lead to greater market liquidity and tighter trading spreads.
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