BlackRock, alongside Nasdaq, recently reconvened with the U.S. Securities and Exchange Commission (SEC) to further deliberate on the listing of a spot Bitcoin exchange-traded fund (ETF). This meeting, marking their second discussion in December, focused on adapting Nasdaq’s rules to accommodate the listing of the spot Bitcoin ETF.
The SEC disclosed that the meeting centered around adapting Nasdaq Rule 5711(d) for the iShares Bitcoin Trust. This specific Nasdaq rule delineates the criteria and regulatory frameworks necessary for the listing of commodity-based trust shares. It encompasses a range of stipulations, including ongoing compliance and surveillance measures, which are critical for maintaining market integrity and safeguarding against fraudulent activities.
This meeting follows an earlier dialogue on November 20, where BlackRock and Nasdaq first proposed a set of rules for the potential listing. During this initial discussion, BlackRock presented its approach for managing the iShares Bitcoin Trust, exploring both in-kind and in-cash redemption models.
Further, on December 14, the SEC engaged in additional discussions with various asset managers keen on launching spot Bitcoin ETFs. These talks, joined by representatives from SEC Chair Gary Gensler’s office, delved into the proposed regulatory changes that would allow major trading platforms to list these ETFs.
This continued collaboration might signify a concerted effort among industry leaders and regulatory bodies to navigate the complexities of introducing spot Bitcoin ETFs into mainstream financial markets.