BlackRock and SEC's Spot Bitcoin ETF Meeting.š¤š
On December 20, 2023, a pivotal meeting unfolded between investment giant BlackRock and the U.S. Securities and Exchange Commission (SEC), shaping the narrative around the potential listing of a spot Bitcoin Exchange-Traded Fund (ETF). This meeting delved into proposed rule changes, particularly Nasdaq Rule 5711(d), and its implications for the listing of the ETF.
Key Points Discussed in the Meeting:
According to the SEC's statement, representatives from BlackRock, Nasdaq, and the SEC engaged in deliberations on necessary rule adjustments for the spot Bitcoin ETF. The spotlight was on listing shares of iShares Bitcoin Trust on The NASDAQ Stock Market under Nasdaq Rule 5711(d). This rule, a focal point of the discussion, outlines requirements for the initiation and continuous listing of commodity-based trust shares on Nasdaq. It aims to establish regulatory standards, including compliance measures and surveillance mechanisms, to ensure market integrity and protect users against fraud.
Ongoing Discussions with Asset Managers:
This meeting marked the second gathering in December, demonstrating the commitment of BlackRock, Nasdaq, and the SEC to explore the spot Bitcoin ETF application. Previous discussions on November 20 centered around a proposed rule allowing the listing of a spot Bitcoin ETF, with BlackRock presenting a comprehensive model involving assets or cash for iShares Bitcoin Trust.
SEC's Further Engagements:
On December 14, the SEC continued its dialogue with asset managers proposing spot Bitcoin ETFs. Officials from SEC Chairman Gary Gensler's office attended this meeting to discuss proposed rule changes facilitating the listing of the ETF on major exchanges.