SEC Demands Explicit Authorized Participant Parameters in Spot Bitcoin ETF Filings : 

As the January deadline to either approve, deny, or delay its decision on spot Bitcoin ETFs draws closer, the SEC is requiring potential issuers of spot Bitcoin ETFs to have explicit authorized participant parameters in their S-1 filings. 

This last hurdle may prevent some issuers from getting approval. The SEC wants to clearly define who can create and redeem shares of the ETF, as well as handle Bitcoin directly.