Crypto News- Representatives from BlackRock (BLK), Nasdaq, and the Securities and Exchange Commission (SEC) came together for their second meeting in a month to engage in crucial discussions regarding the necessary rule changes for a potential listing of a Bitcoin (BTC) exchange-traded fund (ETF), as disclosed in a published memo.
Joint Meeting of BlackRock, Nasdaq and SEC Addresses Bitcoin ETF
The central focus of this meeting was the proposed rule change by The NASDAQ Stock Market LLC concerning the listing and trading of shares for the iShares Bitcoin Trust under Nasdaq Rule 5711(d), as highlighted in the memo. Nasdaq Rule 5711(d) plays a pivotal role in establishing specific criteria and regulatory guidelines for the listing and trading of Commodity-Based Trust Shares on the Nasdaq Exchange. It delineates requirements for both the initial and continued listing, incorporating robust surveillance and compliance measures. These measures are designed to maintain market integrity and provide safeguards against fraudulent activities.
Critical Discussions Unfold: Second Meeting on Bitcoin ETF Rule Changes
As previously reported by CoinDesk, a notable aspect discussed in the meeting was the inclusion of a surveillance-sharing agreement. This agreement serves as a strategic measure to address and mitigate potential market manipulation risks associated with cryptocurrency trading, a concern that has been a primary focus of the SEC’s considerations.
This recent meeting follows a prior gathering in November where the same stakeholders convened to deliberate on the same subject. During the November session, BlackRock presented a detailed overview of two redemption models, namely in-kind and in-cash redemption, both aimed at supporting their proposed ETF.
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