BlackRock met with SEC officials to discuss spot Bitcoin ETF

Representatives from BlackRock and the Nasdaq met with america Securities and Change Fee to debate the proposed rule permitting the itemizing of a spot Bitcoin (BTC) exchange-traded fund, or ETF.

Based on a Nov. 20 SEC memo, BlackRock offered a presentation detailing how the agency might 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 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 like BlackRock prefers in-kind for his or her #bitcoin ETF (is smart 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 urged the SEC may very well be nearing a call on a spot BTC ETF for itemizing on U.S. markets, an approval that might be one of the important optimistic 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 totally different

BlackRock is one in every 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 itemizing a spot BTC ETF in June on the Nasdaq inventory alternate.

A video of SEC chair Gary Gensler from 2019 resurfaced in October, criticizing the fee’s “inconsistent” strategy 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?