The SEC has been in discussions with firms seeking approval for a spot Bitcoin ETF, focusing on the redemption model, handling of hard forks, and disclosure of authorized participants. Grayscale Investments and BlackRock Inc. (NYSE:BLK) have been urged by the SEC to adopt a cash redemption model, with Grayscale amending its S-3 form to comply. The SEC also wants issuers to disclose authorized participants, with BlackRock naming Jane Street Capital and JPMorgan Securities LLC. Firms have reached a consensus on handling hard forks, with Grayscale stating its ETF would not receive tokens from hard forks or airdrops. Meetings with major exchanges have fueled speculation about the approval of a spot Bitcoin ETF.