July 21, 2024
BlackRock, SEC, Nasdaq Discuss Spot Bitcoin ETF Listing Rules
Bitcoin News

BlackRock, SEC, Nasdaq Discuss Spot Bitcoin ETF Listing Rules

The focal point of the deliberation centered around Nasdaq’s request for a rule modification to facilitate the listing and trading of a spot Bitcoin ETF under Nasdaq Rule 5711(d).

In December, there was a second meeting between BlackRock, Nasdaq, and the United States Securities and Exchange Commission (SEC) to delve into the application for a spot Bitcoin exchange-traded fund (ETF). The SEC documented the proceedings in a memo, stating:

“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 delved into Nasdaq Rule 5711(d), outlining prerequisites for both the initial and sustained listing of commodity-based trust shares on the exchange. This rule sets forth regulatory directives and precise listing criteria, encompassing compliance measures and surveillance mechanisms meticulously crafted to uphold market integrity and safeguard users from fraudulent activities.

This wasn’t the first occasion where considerations regarding rules for listing a spot Bitcoin ETF on exchanges were addressed. On November 20, BlackRock and Nasdaq conferred with the SEC to explore a proposed rule enabling the listing of a spot Bitcoin ETF. BlackRock presented a detailed plan outlining how the company could employ an in-kind or in-cash redemption model for the iShares Bitcoin Trust.

Subsequently, on December 14, the SEC conducted another round of discussions with asset managers advocating for a spot Bitcoin ETF. Representatives from SEC Chair Gary Gensler’s office participated in the meeting to deliberate on the proposed rule change allowing major exchanges to list the ETF.

Image By benzoix

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

Related posts

Bitcoin Faces 20% Chance of Surpassing $70,000 by April End, Lyra Finance Predicts

Robert Paul

Bitcoin Surpasses Silver: Reaches Record $1.35 Trillion Market Cap in Historic Milestone

Robert Paul

Bitcoin Consolidates at $42,500 as Whales Accumulate Over 19k BTC

Harper Hall

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Please enter CoinGecko Free Api Key to get this plugin works.