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- 1 BlackRock and Nasdaq collectively met the SEC on December 19 2023, over discussion of rule change.
- 2 Earlier on November 20, BlackRock and Nasdaq met with the SEC to discuss a proposed regulation.
- 3 JP Morgan and Bloomberg Intelligence analysts believe that at least one BTC ETF is expected to be approved in January 2024.
On December 19 2023, BlackRock and Nasdaq had met the official of trading and market division of the U.S Securities and Exchange Commission (SEC), the asset manager bid to launch a spot Bitcoin ETF.
The recently released SEC memo mentions that Head of Digital Assets, Robert Mitchnick of BlackRock along with his ETF team was present in the meeting.
On behalf of Nasdaq, Joseph Cusick, Giang Bui and Alison Doyle joined the meeting, the moderator of the meeting was David Shillman and Eric Juzenas, serving as associate directors in regulators division of trading and market.
Major point of discussion in the meeting was Nasdaq’s proposal of changing to the kist and trade share of iShares Bitcoin Trust under Nasdaq Rule 5711(d).
Rule 5711(d) offers the guidance for listing of Commodity-Based Trust Shares and the criteria for initial and continued listing including compliance requirement.
Is SEC Heading Towards ETF Approval?
It’s not the first time when guidelines for listing a spot Bitcoin ETF on exchanges were debated. Earlier on November 20, BlackRock and Nasdaq met with the SEC to discuss a proposed regulation allowing for the listing of a spot Bitcoin ETF.
Similarly, on December 14, the SEC had another round of talks with asset managers about a spot Bitcoin ETF. SEC Chair Gary Gensler’s office sent representatives to the conference to discuss the proposed rule change that would allow major exchanges to list the ETF.
When Blackrock, the biggest asset management in the world, filed for a spot Bitcoin ETF in June 2023, it shook the cryptocurrency market. The competition to create a Bitcoin exchange-traded fund (ETF), rekindled expectations that the SEC would approve the financial product after turning down every application for years.
BlackRock and the SEC met in November to talk about a potential regulation change that would move the risk to cryptocurrency market makers, making it easier for Wall Street banks to participate in the ETF.
The SEC has been meeting with applicants, and there is a window of opportunity in January 2024 when it may accept numerous applications at once. This has created hope that 2024 will be the year that a spot Bitcoin ETF is ultimately authorised in the United States.
Analysts’ Thoughts Over Spot Bitcoin ETF
According to analysts from JP Morgan and Bloomberg Intelligence, at least one Bitcoin ETF is expected to be approved in January 2024.
Analyst Nate Geraci wrote on his X post “If spot bitcoin ETF not approved in January, might be one of bigger rug pulls in crypto history…Not my base case, but can’t entirely rule out given history here which is why I said close to 100%. That said, sticking w/ my original pre-Grayscale court victory prediction.”
Geraci was alluding to the SEC’s past regulatory compliance issues over spot Bitcoin exchange-traded funds (ETFs).
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
