In their second meeting within a month, representatives from BlackRock (BLK), Nasdaq, and the Securities and Exchange Commission (SEC) convened to delve into crucial rule changes required for the potential listing of a bitcoin (BTC) exchange-traded fund (ETF), as outlined in a recently published memo.
The focal point of discussion was Nasdaq Rule 5711(d), which outlines specific criteria and regulatory guidelines governing the listing and trading of Commodity-Based Trust Shares on the Nasdaq Exchange. This rule delineates requirements for both initial and ongoing listing, encompassing surveillance and compliance measures aimed at upholding market integrity and safeguarding against fraudulent activities.
As previously reported, the proposed inclusion of a surveillance-sharing agreement serves the purpose of mitigating market manipulation risks associated with crypto trading—a concern that has drawn particular attention from the SEC.
This marks the second gathering on the same subject, following a November meeting where BlackRock presented two models—namely, in-kind and in-cash redemption—to support their ETF proposal. In response to SEC preferences, BlackRock has recently revised its spot bitcoin ETF proposal to incorporate cash redemptions.
Michael Saylor of MicroStrategy, in a recent Bloomberg TV appearance, asserted that potential bitcoin ETFs could represent the most significant Wall Street development in the past 30 years. Saylor anticipates that this development might trigger a substantial bull run for bitcoin in 2024, attributed to heightened demand and a resultant supply shock.
In conclusion, as the landscape of cryptocurrency investment undergoes significant discussions and potential transformations, EFI Markets stands as a most trusted trading platform, providing a reliable space for investors to navigate these evolving markets.