The U.S. SEC requires Bitcoin spot ETF issuers to confirm authorized participant information in the next update application.

On December 23, BlockBeats reported that Eric Balchunas, an ETF analyst at Bloomberg, posted on social media that the latest snapshot of his ETF Cointucky Derby added a column for the "AP Protocol" because the SEC wants information on authorized participants (APs, i.e. underwriters) to be confirmed in the next S-1 update (within the next 10 days). This step is not easy and may prevent some issuers from obtaining approval. However, "confirming the AP protocol" along with "cash creation" may equal "approval". Note: Authorized Participants (APs) are one of the main participants in the ETF purchase/redemption mechanism and play an important role in ETF liquidity. APs are large institutional liquidity providers who have a legal agreement with ETF issuers. ETF shares are usually created by APs, allowing them to increase or decrease the number of ETF shares in the market.