BlackRock And Nasdaq Discuss Bitcoin ETF Proposal With SEC
BlackRock and Nasdaq engaged in discussions with the U.S. Securities and Exchange Commission (SEC) regarding BlackRock’s proposal to launch a spot Bitcoin ETF.
The meeting, which included key figures such as BlackRock’s Head of Digital Assets Robert Mitchnick and Nasdaq’s VP and Chief Regulatory Officer Joseph Cusick, focused on Nasdaq’s “proposed rule change to list and trade shares of the iShares Bitcoin Trust under NASDAQ Rule 5711(d).” The rule outlines guidelines for the listing of Commodity-Based Trust Shares. This meeting follows BlackRock’s recent amendment to its S-1 application, introducing a new ticker (IBIT) and transitioning to a cash-only ETF structure.
The ongoing dialogue between BlackRock and the SEC reflects the asset manager’s efforts to navigate regulatory considerations for its Bitcoin ETF application, with expectations building for potential approvals in January 2024. Analysts expect that the approval of a spot Bitcoin ETF will lead to increased capital inflows into the crypto market, although some caution against potential shifts from existing Bitcoin products.
Clever Robot News Desk 22nd December 2023
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