BlackRock, Nasdaq, and SEC meet for second time regarding rule changes regarding Bitcoin spot ETF listing | CoinDesk JAPAN

According to a published memo, representatives from BlackRock, Nasdaq, and the U.S. Securities and Exchange Commission (SEC) have announced the requirements for listing a Bitcoin (BTC) spot exchange-traded fund (ETF). It was the second meeting in a month to discuss rule changes.

(CoinDesk)

“This discussion concerned changes to the Nasdaq Stock Market rules regarding the listing and trading of the iShares Bitcoin Trust under Nasdaq Rule 5711(d),” the memo said.

Nasdaq Rule 5711(d) establishes specific standards and regulatory guidelines for the listing and trading of commodity-based trusts on Nasdaq, and provides oversight and compliance measures to ensure market integrity and protection from fraud. It also details the requirements for initial listing and continued listing.

As previously reported by CoinDesk, the inclusion of oversight-sharing agreements is intended to reduce market manipulation risks associated with crypto-asset (virtual currency) trading, which the SEC is very concerned about.

According to the memo, the three parties also met in November to discuss the same topic. At this November meeting, BlackRock gave a presentation detailing two models to support the proposed ETF: in-kind and cash redemptions.

Recently, BlackRock amended its Bitcoin ETF proposal to include cash redemptions to meet the SEC’s wishes.

MicroStrategy’s Michael Saylor said on Bloomberg TV this week that the potential for a Bitcoin ETF could be the biggest development on Wall Street in 30 years, driven by increased demand and supply shocks. He said that it may trigger a major bull run for Bitcoin in 2024.

｜Translation: CoinDesk JAPAN
｜Edited by: Toshihiko Inoue
｜Image: Shutterstock
｜Original text: BlackRock, Nasdaq, SEC Met Regarding Bitcoin ETF