Representatives from BlackRock and the Nasdaq met with america Securities and Trade Fee to debate the proposed rule permitting the itemizing of a spot Bitcoin (BTC) exchange-traded fund, or ETF.
In line 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.
Seems to be like @BlackRock additionally met with SEC! There’s a pair slides in relation to in-kind vs money creation. Based mostly 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 traders)
h/t @btcNLNico https://t.co/AK0XspL4zJ pic.twitter.com/eeuUT9T5mn
— James Seyffart (@JSeyff) November 22, 2023
Many experiences have steered the SEC might be nearing a choice on a spot BTC ETF for itemizing on U.S. markets. If permitted, it will be one of the vital important constructive developments 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 one in all many corporations 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 alternate.
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 autos, however the fee has beforehand permitted ETFs tied to Bitcoin and Ether (ETH) futures.