BlackRock, Nasdaq Discuss Spot Bitcoin ETF with SEC
Key Takeaways
- BlackRock and Nasdaq met with the SEC to discuss listing a Bitcoin spot ETF, with BlackRock proposing two redemption models.
- The SEC’s decision to approve a spot BTC ETF is highly anticipated and could have a major impact on mainstream cryptocurrency adoption.
- The SEC has a long history of considering cryptocurrency-based ETFs, having previously approved Bitcoin and Ethereum futures ETFs.
At a recent meeting with the U.S. Securities and Exchange Commission (SEC) BlackRock and the Nasdaq stock exchange announced the case for a spot listing of a Bitcoin (BTC) exchange-traded fund (ETF)..
The meeting, detailed in a November 20 SEC memo, is an important step in the ongoing conversation about integrating cryptocurrencies into mainstream financial products.
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In the presentation BlackRock presented two potential models. For iShares Bitcoin Trust: Redemption in kind or cash Model. SEC officials’ reactions to these proposals and their The position on approving a spot BTC ETF remains unclear. Based on the history of delays and denials in similar cases.
There is a growing likelihood that the SEC will approve a spot BTC ETF. The financial world is watching closely. Such approval is It represents a major step forward in cryptocurrency acceptance in the US market. It could be a catalyst for broader cryptocurrency adoption.
It is worth noting that on the same day. The SEC also met with Grayscale.Another company actively seeking to list a Bitcoin ETF.
BlackRock is one of several companies, including Fidelity, WisdomTree, Invesco Galaxy, Valkyrie, VanEck, and Bitwise, that have applications for a spot crypto ETF pending with the SEC. Blackrock’s first Last June, we submitted an application for listing a spot BTC ETF on Nasdaq..
Adding to the context, a 2019 video surfaced back in October in which SEC Chairman Gary Gensler criticized the commission’s inconsistent approach to discovering BTC products.
It is not yet known whether Gensler will support cryptocurrency-linked investment vehicles, but The SEC previously approved ETFs linked to Bitcoin and Ethereum (ETH) futures.This indicates increasing openness to cryptocurrency-based financial products.
BlackRock and Nasdaq’s recent discussions with the SEC regarding a spot Bitcoin ETF could be a pivotal moment in the integration of cryptocurrencies into mainstream financial markets, signifying broader acceptance and regulatory approaches for the cryptocurrency sector. .
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