The Details of the Meeting Between BlackRock and the SEC on Spot Bitcoin ETF Revealed!

  • According to the SEC’s statement regarding the meeting, representatives of the three organizations discussed the necessary rule changes for listing a spot Bitcoin ETF.
  • Nasdaq Rule 5711(d), discussed during the meeting, outlines the requirements for the initial and continuous listing of commodity-based trust shares on Nasdaq.
  • On November 20, BlackRock and Nasdaq met with the SEC to discuss a proposed rule allowing the listing of a spot Bitcoin ETF.

BlackRock, Nasdaq, and the U.S. Securities and Exchange Commission (SEC) held another meeting for spot Bitcoin ETFs.

What Did BlackRock Discuss with the SEC?

BlackRock

BlackRock, Nasdaq, and the U.S. Securities and Exchange Commission (SEC) came together for the second time in December to discuss the application for a spot Bitcoin exchange-traded fund (ETF).

According to the SEC’s statement on the meeting, representatives of the three organizations discussed the necessary rule changes to list a spot Bitcoin ETF. The SEC stated:

“The meeting revolved around the proposed rule change to list and trade shares of the iShares Bitcoin Trust on The NASDAQ Stock Market under NASDAQ Rule 5711(d).”

Nasdaq Rule 5711(d), discussed during the meeting, outlines the requirements for the initial and continuous listing of commodity-based trust shares on Nasdaq. This rule establishes regulatory rules and specific criteria for listing, including compliance measures and surveillance mechanisms designed to ensure market integrity and protect users against fraud.

Ongoing discussions with asset managers

This is not the first example of discussions on the rules to list a spot Bitcoin ETF on exchanges. On November 20, BlackRock and Nasdaq met with the SEC to discuss a proposed rule allowing the listing of a spot Bitcoin ETF. BlackRock shared a presentation detailing how it could use a model of redemption with goods or cash for iShares Bitcoin Trust.

On December 14, the SEC held another round of meetings with asset managers proposing a spot Bitcoin ETF. Officials from the office of SEC Chairman Gary Gensler attended the meeting to discuss the proposed rule change allowing the listing of ETFs on major exchanges.

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