BlackRock and Nasdaq Meet with SEC to Discuss Spot Bitcoin ETF Listing
Representatives from BlackRock and the Nasdaq recently held a meeting with the United States Securities and Exchange Commission (SEC) to discuss the proposed rule allowing the listing of a spot Bitcoin (BTC) exchange-traded fund (ETF). This meeting has sparked speculation about the potential approval of a spot BTC ETF, which could have a significant impact on mainstream crypto adoption.
In a memo released by the SEC on November 20, it was revealed that BlackRock presented a detailed presentation on how the firm could use either an in-kind or in-cash redemption model for its iShares Bitcoin Trust. However, it remains unclear how the SEC officials responded to these proposed models or if they plan to approve a spot BTC ETF, given the history of delays and rejections.
BlackRock is not the only firm awaiting a response from the SEC regarding its spot crypto ETF application. Other companies in the pipeline include Fidelity, WisdomTree, Invesco Galaxy, Valkyrie, VanEck, and Bitwise. BlackRock initially applied for listing a spot BTC ETF in June on the Nasdaq stock exchange.
It is worth noting that the SEC also met with representatives from Grayscale on November 20 to discuss the firm’s bid for listing a Bitcoin ETF. This suggests that the SEC is actively engaging with various industry players to understand the potential implications and benefits of a spot BTC ETF.
Speculation about the SEC’s stance on spot BTC ETFs intensified when a video of SEC Chair Gary Gensler from 2019 resurfaced in October. In the video, Gensler criticized the commission’s “inconsistent” approach to spot BTC products. While it remains uncertain whether Gensler will support crypto-linked investment vehicles, the SEC has previously approved ETFs tied to Bitcoin and Ether (ETH) futures.
Overall, the meeting between BlackRock, Nasdaq, and the SEC indicates that progress is being made towards the approval of a spot BTC ETF, which could be a significant milestone for the mainstream adoption of cryptocurrencies.