March 27, 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.

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