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BlackRock, Nasdaq, and the US Securities and Alternate Fee (SEC) met for the second time in December to debate its utility for a spot Bitcoin (BTC) exchange-traded fund (ETF).
In line with an SEC memo, representatives from the three organizations mentioned the mandatory rule modifications required to checklist the spot Bitcoin ETF. The SEC wrote:
“The dialogue involved The NASDAQ Inventory Market’s proposed rule change to checklist and commerce shares of the iShares Bitcoin Belief beneath NASDAQ Rule 5711(d).”
The Nasdaq Rule 5711(d) mentioned in the course of the assembly supplies the necessities for the preliminary and continued itemizing of Commodity-Primarily based Belief Shares in Nasdaq. The rule establishes regulatory tips and particular standards for itemizing, together with compliance measures and surveillance mechanisms designed to make sure market integrity and shield customers towards fraud.
This was not the primary occasion the place guidelines relating to itemizing a spot Bitcoin ETF on exchanges had been mentioned. On Nov. 20, BlackRock and Nasdaq met with the SEC to debate a proposed rule for permitting a spot Bitcoin ETF to be listed. BlackRock shared a presentation detailing how the corporate may use an in-kind or in-cash redemption mannequin for the iShares Bitcoin Belief.
Associated: SEC discussing ‘key technical particulars’ with spot crypto ETF candidates: Report
On Dec. 14, the SEC held one other spherical of discussions with asset managers proposing a spot Bitcoin ETF. Officers from SEC Chair Gary Gensler’s official attended the assembly to debate the proposed rule change permitting main exchanges to checklist the spot Bitcoin ETF.
Journal: BlackRock revises BTC ETF submitting, El Salvador’s crypto citizenship trending, and extra: Hodler’s Digest
