Representatives from BlackRock and the Nasdaq met with the USA Securities and Trade Fee to debate the proposed rule permitting the itemizing of a spot Bitcoin (BTC) exchange-traded fund, or ETF.
In keeping with a Nov. 20 SEC memo, BlackRock provided a presentation detailing how the agency may use an in-kind or in-cash redemption mannequin for its iShares Bitcoin Belief. It’s unclear how SEC officers 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.
Appears like @BlackRock additionally met with SEC! There’s a pair slides in relation to in-kind vs money creation. Based mostly on this it appears like BlackRock prefers in-kind for his or her #bitcoin ETF (is smart as its in all probability cleanest construction for them & finish traders)
h/t @btcNLNico https://t.co/AK0XspL4zJ pic.twitter.com/eeuUT9T5mn
— James Seyffart (@JSeyff) November 22, 2023
Many stories have recommended the SEC might be nearing a choice on a spot BTC ETF for itemizing on U.S. markets, an approval that might be probably the most important optimistic traits towards mainstream crypto adoption. SEC officers additionally met with Grayscale representatives on Nov. 20 within the agency’s bid for itemizing a Bitcoin ETF.
Associated: Spot Bitcoin ETF: Why this time is different
BlackRock is considered one of many companies with spot crypto ETF purposes within the SEC pipeline awaiting a response, together with Constancy, 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, criticizing the fee’s “inconsistent” strategy to identify BTC merchandise. It’s unclear whether or not the SEC chair will get behind efforts for crypto-linked funding automobiles, however the fee has beforehand authorised ETFs tied to Bitcoin and Ether (ETH) futures.