Representatives from BlackRock and the Nasdaq met with the US Securities and Alternate 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 offered 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 to be like like @BlackRock additionally met with SEC! There’s a pair slides in relation to in-kind vs money creation. Primarily 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 experiences have instructed the SEC could possibly be nearing a choice on a spot BTC ETF for itemizing on U.S. markets. If authorized, it will be one of the crucial vital constructive 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 completely different
BlackRock is certainly one of many companies with spot crypto ETF functions within the SEC pipeline awaiting a response, together with Constancy, WisdomTree, Invesco Galaxy, Valkyrie, VanEck and Bitwise. The asset administration firm first utilized for itemizing a spot BTC ETF in June on the Nasdaq inventory change.
A video of SEC Chair Gary Gensler from 2019 resurfaced in October, through which he criticized the fee’s “inconsistent” method 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 authorized ETFs tied to Bitcoin and Ether (ETH) futures.
Journal: Crypto regulation: Does SEC Chair Gary Gensler have the ultimate say?
