U.S. SEC announces memorandum on discussions with BlackRock and Grayscale on listing of Bitcoin ETF

On November 26th, the official website of the US Securities and Exchange Commission (SEC) disclosed two memorandums.One memorandum shows that on November 20th Eastern Time, the SEC discussed the proposed rule changes for the listing and trading of Grayscale Bitcoin Trust ETF with Grayscale.
The other memorandum shows that on the same day, the SEC held a meeting with BlackRock, the world's largest asset management company, to discuss proposed rule changes for the listing and trading of iShares Bitcoin Trust ETF. The memorandum shows two ETF redemption methods: In-Kind Redemption Model or In-Cash Redemption Model. In-Kind Redemption Model means that the final redemption is the Bitcoin shares held by the ETF, while In-Cash Redemption replaces Bitcoin shares with equivalent cash. Bloomberg ETF analyst James Seyffart tweeted that BlackRock seems to prefer the former.