BlackRock, Nasdaq, and SEC Continue Discussions
In the latest development, financial giants BlackRock and Nasdaq, alongside the United States Securities and Exchange Commission (SEC), had their second meeting in December to talk about their application for a Bitcoin exchange-traded fund (ETF).
As per an SEC memo, the three parties focused on the necessary rule changes needed to list the Bitcoin ETF. The SEC memo specifically mentioned discussions about Nasdaq’s proposed rule change related to listing and trading shares of the iShares Bitcoin Trust under NASDAQ Rule 5711(d).
This specific Nasdaq Rule, 5711(d), lays out the requirements for both the initial and ongoing listing of commodity-based trust shares on the Nasdaq. The rule sets regulatory standards and specific criteria, encompassing compliance measures and surveillance mechanisms. These measures are crucial for maintaining market integrity and shielding users from potential fraud.
It’s worth noting that this isn’t the first time talks have been held regarding the rules for listing a Bitcoin ETF on exchanges. On November 20, BlackRock and Nasdaq previously met with the SEC to discuss a proposed rule that would enable the listing of a spot Bitcoin ETF. During that meeting, BlackRock presented a detailed plan outlining how the company could utilize either an in-kind or in-cash redemption model for the iShares Bitcoin Trust.
Fast forward to December 14, the SEC engaged in another round of discussions with asset managers proposing a Bitcoin ETF. Officials from the office of SEC Chair Gary Gensler participated in the meeting, specifically focusing on the proposed rule change that would allow major exchanges to list the ETF. The discussions mark a continued effort to navigate the regulatory landscape for a spot Bitcoin ETF.
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