1. This is just for APs (big inst who do cr/rd), doesn't mean retail can exchange IBIT for actual bitcoin (altho an ETF may launch soon that does that a la $OUNZ)
2. It's not huge impact to retail but more of a plumbing fix. It just makes the pipes a little better.
3. Gensler didn't want in-kind bc he wanted to close off the ETF to any potential bitcoin sourced from bad places (it goes back to his wild west concerns) but every other ETF does in-kind. Really this shows that this SEC is ready to treat crypto like legit asset class. That's the biggest takeaway imo

Hopefully this puts more pressure on custodians to prevent rehypotheication