SEC Holds Meetings with BlackRock and Nasdaq Over Bitcoin ETF

By: Eva Baxter

The U.S. Securities and Exchange Commission (SEC) had a discussion with major financial institutions BlackRock and Nasdaq regarding the proposal of a spot Bitcoin ETF. This marks a series of recent engagements between these entities regarding Bitcoin's ETF listing. BlackRock's Head of Digital Assets participated in the meeting alongside representatives from the SEC's Division of Trading and Markets.

This was not the first meeting of its kind, with the second engagement happening within a month, underscoring the urgency and interest in modifying the necessary rules required for the Bitcoin ETF listing. Major applicants such as BlackRock, Ark Invest, and WisdomTree have amended their filing in order to conform to the cash redemption model insisted upon by the regulatory bodies.

Amendments to the S-1 registration statements for a Bitcoin ETF were submitted on December 18, pertaining to the cash creation and redemption model for the proposed ETFs. The entities accepted the cash redemption system over non-monetary payouts like actual Bitcoin. The meeting and subsequent amendments represent substantial progress in the pathway towards a spot Bitcoin ETF in the U.S.