As reported by CoinDesk, BlackRock, Nasdaq, and representatives of the U.S. Securities and Exchange Commission (SEC) met for the second time this month to discuss rule changes needed to list a Bitcoin (BTC) exchange-traded fund (ETF). According to a released memorandum, the discussions involved Nasdaq Stock Market LLC’s proposal to list and trade iShares Bitcoin Trust shares under Nasdaq Rule 5711(d). Nasdaq Rule 5711(d) establishes specific standards and regulatory guidance for listing and trading commodity-based trust shares on Nasdaq exchanges and details requirements for initial and ongoing listings, as well as monitoring and compliance measures to ensure market integrity and prevent fraudulent activity. As previously reported by CoinDesk, the inclusion of a monitoring sharing agreement is intended to mitigate the risk of market manipulation associated with cryptocurrency trading, which is a matter of great concern to the SEC. The two parties also met in November on the same topic. At the November meeting, BlackRock provided a presentation detailing two models (in-kind redemption and cash redemption) to support its proposed ETF. Recently, BlackRock revised its spot Bitcoin ETF proposal to include cash redemptions to meet the SEC's preferences. MicroStrategy's Michael Saylor said on Bloomberg TV this week that a potential Bitcoin ETF could be the biggest development on Wall Street in 30 years and could trigger a major bull run for Bitcoin in 2024 due to increased demand and supply shocks.

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