SEC has delayed BlackRock's request to transition IBIT, a spot Bitcoin ETF, to an "in-kind redemption" process using crypto assets instead of cash. This change would enable authorized participants to buy and sell ETF shares directly with Bitcoin without needing cash. This method could offer tax advantages, reduce transaction time and costs, and improve ETF pricing accuracy. If approved, investors could benefit from lower tax burdens, faster transactions, more accurate pricing, and lower transaction fees due to the elimination of cash conversions.