Giovanni Russo Blackrock, recognized as the preeminent global asset manager, has recently conducted its fourth discussion with the U.S. Securities and Exchange Commission (SEC) regarding its application for a spot bitcoin exchange-traded fund (ETF). SEC Chairman Gary Gensler announced this week that the SEC is reconsidering its stance on spot bitcoin ETF applications.
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Renewed Talks Between Blackrock and SEC
The likelihood of the U.S. Securities and Exchange Commission (SEC) greenlighting spot bitcoin exchange-traded funds (ETFs) has surged this week, as Blackrock, along with other ETF issuers, have been in active dialogue with the securities regulator about their respective applications. Blackrock, standing as the largest asset manager globally, marked its fourth recent engagement with the SEC over its spot bitcoin ETF bid.
A memorandum from a Dec. 14 meeting, submitted to the SEC, reveals that Blackrock representatives met with officials from the SEC’s Office of the Chair. The memo records discussions around the proposal from Nasdaq Stock Market LLC to list and trade shares of the Ishares Bitcoin Trust under Nasdaq Rule 5711(d). Blackrock’s proposed spot bitcoin ETF, once sanctioned, will be listed under the ticker IBTC.
Eric Balchunas, Bloomberg’s senior ETF analyst, remarked on X Friday:
Yesterday’s meeting between Gensler’s team and Blackrock was noteworthy for the involvement of higher-level public policy figures, including Ben Tecmire, Blackrock’s Director of Public Policy and former senior counsel at the SEC’s Division of Investment Management.
James Seyffart, another Bloomberg analyst, highlighted on X that Blackrock isn’t alone in these discussions, noting that Hashdex also met with the SEC’s Office of the Chair in November. Prior to this latest engagement, Blackrock had discussions with the SEC on Nov. 20, Nov. 28, and Dec. 11 about its spot bitcoin ETF application.
Meetings have also been held between SEC staff and several other firms aspiring to launch spot bitcoin ETFs, including Fidelity, Franklin Templeton, and Grayscale Investments.
A key point of discussion among spot bitcoin ETF aspirants and the SEC has been the preference of cash creation versus in-kind creation methods for their ETFs. The SEC seems to lean towards the cash creation method, though Blackrock, Fidelity, and others have advocated for the in-kind approach. Blackrock even suggested an amended in-kind method to address concerns from the SEC.
SEC Chairman Gary Gensler recently stated that the agency is revisiting its approach to spot bitcoin ETF applications in light of court decisions pertaining to the Grayscale case. Gensler stressed the SEC’s commitment to following its mandates and judicial interpretations. Currently, the SEC has 13 pending spot bitcoin ETF applications. Bloomberg analysts forecast a 90% probability of the SEC approving a spot bitcoin ETF by Jan. 10.
What are your views on Blackrock’s repeated meetings with the SEC concerning its spot bitcoin ETF application? Do you believe Blackrock will be among the early filers to secure SEC approval? Share your thoughts in the comments section.
Frequently Asked Questions (FAQs) about Blackrock SEC meetings
What is the significance of Blackrock’s recent meetings with the SEC?
Blackrock, the largest asset manager in the world, has been in discussions with the U.S. Securities and Exchange Commission (SEC) regarding its application for a spot bitcoin exchange-traded fund (ETF). These meetings are significant as they indicate a growing interest and potential acceptance of cryptocurrency-based financial products by major regulatory bodies.
How many times has Blackrock met with the SEC about its spot bitcoin ETF application?
Blackrock has met with the SEC four times recently to discuss its application for a spot bitcoin ETF. These meetings are part of ongoing discussions between the asset manager and the regulator.
What was discussed in the meetings between Blackrock and the SEC?
The meetings focused on Blackrock’s proposal for a spot bitcoin ETF, including the listing and trading of Ishares Bitcoin Trust shares under Nasdaq Rule 5711(d). Discussions also revolved around different methods of ETF creation, such as cash creation versus in-kind creation.
Who participated in the meetings between Blackrock and the SEC?
The meetings involved staff from the SEC’s Office of the Chair and representatives from Blackrock, including Ben Tecmire, Blackrock’s Director of Public Policy and a former senior counsel at the SEC.
Has the SEC indicated a change in its stance towards spot bitcoin ETFs?
Yes, SEC Chairman Gary Gensler stated that the SEC is “taking a new look” at spot bitcoin ETF filings, suggesting a potential shift in the regulator’s stance on cryptocurrency ETFs.
Are other companies besides Blackrock also meeting with the SEC regarding spot bitcoin ETFs?
Yes, other companies, including Hashdex, Fidelity, Franklin Templeton, and Grayscale Investments, have also held meetings with the SEC to discuss their own spot bitcoin ETF applications.
More about Blackrock SEC meetings
- Blackrock’s Official Website
- U.S. Securities and Exchange Commission (SEC)
- Bloomberg Market News
- Nasdaq Official Site
- Cryptocurrency Market Trends
- ETFs and Bitcoin Trading
- SEC Regulations and Cryptocurrencies
- Financial Market News Sources
- Asset Management Industry Updates
5 comments
Why is everyone so focused on the SEC? it’s the market that will decide if a bitcoin ETF is viable, not just regulators.
so blackrock really pushing for this bitcoin ETF huh? Wonder how the SEC will respond, they’ve been pretty cautious about crypto stuff so far
Gensler saying the SEC is “taking a new look” could mean big things, or it could be nothing. Regulatory stuff is always so vague.
Interesting times, Blackrock’s move could be a game-changer for the crypto market. but the SEC’s stance is still unclear, let’s see…
Blackrock’s persistence is impressive, meeting with the SEC four times! That’s dedication, or maybe just pressure tactics?