Representatives from BlackRock and Nasdaq met with the U.S. Securities and Exchange Commission to discuss proposed rules that would allow the listing of spot Bitcoin (BTC) exchange-traded funds (ETFs).
According to a November 20 SEC memo, BlackRock if A presentation detailing how the company will use a physical or cash redemption model for its iShares Bitcoin Trust. It’s unclear how SEC officials responded to the two proposed models, or whether they intend to approve a spot BTC ETF after multiple delays and rejections.
like @黑石 Also met with the SEC! There are several slides dealing with physical versus cash creation.Based on this, BlackRock appears to prefer entities #bitcoin ETFs (probably the cleanest structure for them and the end investors, which makes sense)
HT @btcNLNico pic.twitter.com/eeuUT9T5mn— James Seyff (@JSeyff) November 22, 2023
Many reports indicate that the U.S. Securities and Exchange Commission may be close to making a decision on the listing of a spot BTC ETF on the U.S. market, an approval that would be one of the most important positive trends for mainstream cryptocurrency adoption. SEC officials also met with Grayscale representatives on November 20 to discuss the company’s application to list a Bitcoin ETF.
related: Spot Bitcoin ETFs: Why This Time Is Different
BlackRock is one of many companies in the SEC pipeline to apply for a spot crypto ETF and await answers, including Fidelity, WisdomTree, Invesco Galaxy, Valkyrie, VanEck and Bitwise. The asset manager first applied to list a spot BTC ETF on the Nasdaq stock exchange in June.
A 2019 video of SEC Chairman Gary Gensler resurfaced in October criticizing the commission’s “inconsistent” approach to spot BTC products. It’s unclear whether the SEC chairman will support efforts to create cryptocurrency-related investment vehicles, but the commission has previously approved ETFs tied to Bitcoin and Ethereum (ETH) futures.
Magazine: Cryptocurrency Regulation: Does SEC Chairman Gary Gensler Have the Final Say?
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