BlackRock meets SEC, Nasdaq to discuss listing rules for spot Bitcoin ETF


BlackRock, Nasdaq, and the United States Securities and Exchange Commission (SEC) met for the second time in December to discuss its application for a spot Bitcoin (BTC) exchange-traded fund (ETF).

Memorandum about the meeting between BlackRock, Nasdaq and the SEC. Source: SEC

According to an SEC memo, representatives from the three organizations discussed the necessary rule changes required to list the spot Bitcoin ETF. The SEC wrote: 

“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 Nasdaq Rule 5711(d) discussed during the meeting provides the requirements for the initial and continued listing of Commodity-Based Trust Shares in Nasdaq. The rule establishes regulatory guidelines and specific criteria for listing, including compliance measures and surveillance mechanisms designed to ensure market integrity and protect users against fraud. 

This was not the first instance where rules regarding listing a spot Bitcoin ETF on exchanges were discussed. On Nov. 20, BlackRock and Nasdaq met with the SEC to discuss a proposed rule for allowing a spot Bitcoin ETF to be listed. BlackRock shared a presentation detailing how the company could use an in-kind or in-cash redemption model for the iShares Bitcoin Trust. 

Related: SEC discussing ‘key technical details’ with spot crypto ETF applicants: Report

On Dec. 14, the SEC held another round of discussions with asset managers proposing a spot Bitcoin ETF. Officials from SEC Chair Gary Gensler’s official attended the meeting to discuss the proposed rule change allowing major exchanges to list the spot Bitcoin ETF. 

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