The discussion when BlackRock meets SEC revolved around Nasdaq’s proposed rule change to list and trade a spot Bitcoin ETF under Nasdaq Rule 5711(d).
In December, BlackRock, Nasdaq, and the United States Securities and Exchange Commission (SEC) held their second meeting to discuss BlackRock’s application for a spot Bitcoin exchange-traded fund (ETF). The ongoing discussions between these entities suggest an ongoing evaluation and consideration of the proposed ETF, reflecting the regulatory scrutiny and collaborative efforts involved in the approval process for such financial products.
BlackRock meets SEC and Nasdaq
According to an SEC memo, representatives from the three organizations discussed the necessary rule changes required to list the spot Bitcoin ETF.
“The discussion concerned The NASDAQ Stock Market’s proposed rule change to list and trade shares of the iShares Bitcoin Trust under NASDAQ Rule 5711(d).”
The meeting involving BlackRock, Nasdaq, and the SEC delved into Nasdaq Rule 5711(d), outlining requirements for the listing of Commodity-Based Trust Shares. This rule establishes criteria for initial and continued listing, encompassing compliance measures and surveillance mechanisms to safeguard market integrity and users against fraud. This discussion is part of the ongoing deliberations on listing a spot Bitcoin exchange-traded fund (ETF) on Nasdaq.
Before this meeting, on Nov. 20, BlackRock and Nasdaq engaged with the SEC on a proposed rule for the listing of a spot Bitcoin ETF. BlackRock presented options, including an in-kind or in-cash redemption model for the iShares Bitcoin Trust. On Dec. 14, the SEC continued discussions with asset managers proposing.
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