BlackRock met with SEC officials to discuss the position of Bitcoin ETF
Representatives from BlackRock and Nasdaq met with the United States Securities and Exchange Commission to discuss a proposed bill to list Bitcoin (BTC) exchange-traded funds, or ETFs.
According to a Nov. 20 SEC filing, BlackRock provided a presentation detailing how the company will use an in-kind or cash redemption model for the iShares Bitcoin Trust. It is unclear how SEC officials have responded to the two proposed models, or if they intend to approve the Spot BTC ETF after several delays and rejections.
Looks like @BlackRock is in touch with the SEC! There are a couple of slides that deal with generating cash in kind. Based on this, BlackRock seems to be opting for a #bitcoin ETF of sorts (because it's probably the cleanest structure for them and core investors) h/t @btcNLNico pic.twitter.com/eeuUT9T5mn
— James Seyff (@JSeyff) November 22, 2023
Several reports have suggested that the SEC may be considering a decision to list a BTC ETF on US markets. If approved, it would be one of the most significant positive trends towards mainstream crypto adoption. SEC officials also met with Grayscale representatives on November 20 to discuss the company's Bitcoin ETF listing.
Related: Spot Bitcoin ETF: Why This Time Is Different
BlackRock is one of several firms awaiting a response in the SEC pipeline, including Fidelity, WisdomTree, Invesco Galaxy, Valkyrie, VanEck and Bitwise. The asset management company applied to list the BTC ETF on the Nasdaq stock exchange in June.
A video from 2019 of SEC Chairman Gary Gensler resurfaced in October, in which he criticized the commission's “inconsistent” approach to identifying BTC products. It is not clear whether the chairman of the SEC is behind the efforts of crypto-linked investment vehicles, but the commission has previously approved ETFs linked to Bitcoin and Ether (ETH) futures.
Magazine: Crypto Regulation: Does SEC Chairman Gary Gensler Have Final Comments?
