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BlackRock Talks Bitcoin ETF with SEC In Their 24th Meeting

BlackRock held its 24th meeting with the U.S. Securities and Exchange Commission (SEC) on December 19 to discuss the potential approval of a spot Bitcoin ETF.

Key Takeaways

  • BlackRock, in its 24th meeting with the SEC on December 19, discussed the potential approval of a spot Bitcoin ETF.
  • The meeting involved revisions to BlackRock’s application, including a new mechanism for redeeming shares into fiat money.
  • NASDAQ stock market representatives participated in the meeting, addressing a proposed rule change related to the iShares Bitcoin Trust.
  • Despite positive signs, Bloomberg analyst James Seyffart maintains his expectation of the first spot Bitcoin ETF approval between January 8 and 10, with no significant developments altering this timeline.

BlackRock’s Ongoing Discussions with SEC

BlackRock, a prominent asset manager, continued its engagement with the U.S. Securities and Exchange Commission (SEC) in its 24th meeting held on December 19.

The discussions centered around the potential approval of a spot Bitcoin exchange-traded fund (ETF). According to Bloomberg analyst James Seyffart, this meeting is part of a series involving companies seeking approval for spot Bitcoin ETFs.

Ahead of the meeting, BlackRock made revisions to its application, introducing a new mechanism for redeeming shares into fiat money. This adjustment indicates the firm’s ongoing efforts to address regulatory concerns and enhance the viability of its proposed Bitcoin ETF.

Involvement of NASDAQ

Representatives from the NASDAQ stock market were also present at the meeting, contributing to discussions about a proposed rule change. This change pertains to the listing and trading of shares of the iShares Bitcoin Trust under NASDAQ Rule 5711 (d).

The collaboration between BlackRock and NASDAQ underscores the comprehensive nature of the regulatory considerations involved in launching a spot Bitcoin ETF.

Industry Perspectives and Timelines

James Seyffart responded to Michael Novogratz’s statement, CEO of Galaxy, predicting spot Bitcoin ETF approvals within the next 8-10 weeks. Seyffart believes the approval might happen sooner but emphasizes the uncertainty surrounding the exact timing of the SEC’s decision.

To Conclude

Notably, BlackRock had submitted its application to the SEC on June 15 for an investment product based on the first cryptocurrency. Following suit, other major players like Valkyrie, Fidelity Investments, WisdomTree, and Invesco also submitted similar requests.

The SEC had previously postponed its decision on several Bitcoin ETFs until mid-October, with a subsequent delay to January 2024 at the end of September. The ongoing discussions and revisions indicate the complexity of the regulatory landscape surrounding Bitcoin ETF approvals.