On December 23rd, ETF analyst Eric Balchunas from Bloomberg posted on social media that the latest snapshot of his ETF Cointucky Derby added a "AP Protocol" column because the SEC hopes that AP (Authorized Participants, i.e. underwriters) information can 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. But "confirming the AP protocol" along with "cash creation" may be equal to "getting approval".
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The U.S. SEC requires Bitcoin spot ETF issuers to confirm authorized participant information in the next update application
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