Representatives from BlackRock and the Nasdaq met with the United States Securities and Exchange Commission to discuss the proposed rule permitting the itemizing of a spot Bitcoin (BTC) exchange-traded fund, or ETF.
According to a Nov. 20 SEC memo, BlackRock provided a presentation detailing how the agency might use an in-kind or in-cash redemption mannequin for its iShares Bitcoin Trust. It’s unclear how SEC officials responded to the 2 proposed fashions or in the event that they intend to approve a spot BTC ETF after quite a few delays and rejections.
Looks like @BlackRock additionally met with SEC! There’s a pair slides in relation to in-kind vs money creation. Based on this it seems to be like BlackRock prefers in-kind for his or her #bitcoin ETF (is sensible as its most likely cleanest construction for them & finish buyers)
h/t @btcNLNico https://t.co/AK0XspL4zJ pic.twitter.com/eeuUT9T5mn— James Seyffart (@JSeyff) November 22, 2023
Many reviews have instructed the SEC might be nearing a call on a spot BTC ETF for itemizing on U.S. markets. If permitted, it could be some of the vital optimistic tendencies towards mainstream crypto adoption. SEC officials additionally met with Grayscale representatives on Nov. 20 within the agency’s bid for itemizing a Bitcoin ETF.
Related: Spot Bitcoin ETF: Why this time is different
BlackRock is one among many companies with spot crypto ETF functions within the SEC pipeline awaiting a response, together with Fidelity, WisdomTree, Invesco Galaxy, Valkyrie, VanEck and Bitwise. The asset administration firm first utilized for listing a spot BTC ETF in June on the Nasdaq inventory trade.
A video of SEC Chair Gary Gensler from 2019 resurfaced in October, wherein he criticized the fee’s “inconsistent” method to spot BTC merchandise. It’s unclear whether or not the SEC chair will get behind efforts for crypto-linked funding autos, however the fee has beforehand permitted ETFs tied to Bitcoin and Ether (ETH) futures.
Magazine: Crypto regulation: Does SEC Chair Gary Gensler have the final say?
