Representatives from BlackRock and the Nasdaq met with america Securities and Change Fee to discuss the proposed rule permitting the itemizing of a spot Bitcoin (BTC) exchange-traded fund, or ETF.
In accordance to 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 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.
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 appears to be like like BlackRock prefers in-kind for his or her #bitcoin ETF (is sensible as its in all probability 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 steered the SEC might be nearing a choice on a spot BTC ETF for itemizing on U.S. markets. If authorised, it could be one of the important constructive 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.
Associated: Spot Bitcoin ETF: Why this time is different
BlackRock is considered one of 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, during which he criticized the fee’s “inconsistent” strategy 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 authorised ETFs tied to Bitcoin and Ether (ETH) futures.
Journal: Crypto regulation: Does SEC Chair Gary Gensler have the final say?
