BlackRock, Nasdaq Pitch Spot Bitcoin ETF to SEC

The United States Securities and Exchange Commission received presentations from BlackRock and Nasdaq representatives regarding the proposed regulation that would permit the inclusion of a spot Bitcoin exchange-traded fund, or ETF.

BlackRock reportedly provided a presentation on November 20 that outlined the potential implementation of an in-kind or in-cash redemption mechanism for the iShares Bitcoin Trust, as per an SEC memorandum.

After numerous delays and rejections, it is unclear how SEC officials reacted to the two proposed models or whether they intend to authorize a spot BTC ETF.

Numerous reports have indicated that the SEC may soon decide regarding the listing of a spot Bitcoin ETF on U.S. markets.

If authorized, it would constitute a highly consequential positive trend toward the widespread adoption of cryptocurrencies.

On November 20, SEC officials also conferred with Grayscale representatives regarding the company’s effort to list a Bitcoin ETF.

Fidelity, WisdomTree, Invesco Galaxy, Valkyrie, VanEck, and Bitwise are among the many firms that have spot crypto ETF applications pending a response from the SEC, including BlackRock.

In June, the asset management firm submitted its initial listing application for a spot Bitcoin ETF on the Nasdaq stock exchange.

In October, a video resurfacing featuring SEC Chair Gary Gensler criticizedSEC Chair Gary Gensler criticized the commission’s “inconsistent” approach to identifying BTC products.

The video was originally published in 2019. Although the support of the SEC chief for crypto-linked investment vehicles remains uncertain, the commission has previously approved exchange-traded funds (ETFs) that were linked to Bitcoin and Ethereum futures.