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BlackRock and Nasdaq Discuss Spot Bitcoin ETF with SEC

BlackRock and Nasdaq Discuss Spot Bitcoin ETF with SEC

Key Takeaways

  • BlackRock and Nasdaq met with the SEC to discuss the listing of a spot Bitcoin ETF, with BlackRock proposing two redemption models.
  • The SEC's decision to approve a spot BTC ETF is highly anticipated and could significantly impact mainstream crypto adoption.
  • The SEC has a history of long consideration periods linked to crypto-based ETFs, while previously, it approved Bitcoin and Ether futures ETFs.

In a recent meeting with the United States Securities and Exchange Commission (SEC), representatives from BlackRock and the Nasdaq stock exchange presented their case for the listing of a spot Bitcoin (BTC) exchange-traded fund (ETF).

This meeting, detailed in a November 20th SEC memo, marks a significant step in the ongoing dialogue about integrating cryptocurrency into mainstream financial products.

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In their presentation, BlackRock outlined two potential models for their iShares Bitcoin Trust: an in-kind or an in-cash redemption model. The response of SEC officials to these proposals and their stance on approving a spot BTC ETF remains unclear following a history of delays and rejections in similar cases.

The possibility of the SEC approving a spot BTC ETF is being closely watched by the financial world. Such an approval would signal a major advance in the acceptance of cryptocurrencies in US markets and could be a catalyst for broader crypto adoption.

It is worth noting that on the same day, the SEC also met with Grayscale, another firm actively seeking to list a Bitcoin ETF.

BlackRock is among several firms, including Fidelity, WisdomTree, Invesco Galaxy, Valkyrie, VanEck, and Bitwise, with pending applications for spot crypto ETFs at the SEC. BlackRock first submitted its application to list a spot BTC ETF on the Nasdaq in June.

Adding to the context, a 2019 video of SEC Chair Gary Gensler criticizing the commission's inconsistent approach to spot BTC products resurfaced in October.

While it remains to be seen if Gensler will support crypto-linked investment vehicles, the SEC has previously approved ETFs tied to Bitcoin and Ether (ETH) futures, indicating a growing openness to crypto-based financial products.

BlackRock and Nasdaq's recent discussion with the SEC about a spot Bitcoin ETF could mark a pivotal moment in integrating cryptocurrencies into mainstream financial markets, with implications for broader acceptance and regulatory approaches in the crypto sector.

Gile K., Market Sentiment Analyst
Gile is a Market Sentiment Analyst who understands what public events may form what emotions. Her experience researching Web3 news and public market messages – including cryptocurrency news reports, PRs, and social network streams – is critical to her role in helping lead the Crypto News Editorial Team.
As an intelligent professional in public relations, together with the team, she aims to determine real VS fake news patterns, and bring her findings to anyone searching for unbiased news and events happening in the FinTech markets. Her expertise is uncovering the latest trustworthy & informative Web3 announcements to the masses.
When she's not researching the trustworthiness of mainstream stories, she spends time enjoying her terrace view and taking meticulous care of her outdoor environment.

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