Representatives from BlackRock and the Nasdaq met with the United States Securities and Exchange Commission to discuss the proposed rule allowing the listing of a spot Bitcoin (BTC) exchange-traded fund, or ETF.
According to a Nov. 20 SEC memo, BlackRock provided a presentation detailing how the firm could use an in-kind or in-cash redemption model for its iShares Bitcoin Trust. It’s unclear how SEC officials responded to the two proposed models or if they intend to approve a spot BTC ETF after numerous delays and rejections.
Looks like @BlackRock also met with SEC! There’s a couple slides in relation to in-kind vs cash creation. Based on this it looks like BlackRock prefers in-kind for their #bitcoin ETF (makes sense as its probably cleanest structure for them & end investors) h/t @btcNLNicohttps://t.co/AK0XspL4zJpic.twitter.com/eeuUT9T5mn
Many reports have suggested the SEC could be nearing a decision on a spot BTC ETF for listing on U.S. markets, an approval that would be one of the most significant positive trends toward mainstream crypto adoption. SEC officials also met with Grayscale representatives on Nov. 20 in the firm’s bid for listing a Bitcoin ETF.
BlackRock is one of many firms with spot crypto ETF applications in the SEC pipeline awaiting a response, including Fidelity, WisdomTree, Invesco Galaxy, Valkyrie, VanEck and Bitwise. The asset management company first applied for listing a spot BTC ETF in June on the Nasdaq stock exchange.
A video of SEC chair Gary Gensler from 2019 resurfaced in October, criticizing the commission’s “inconsistent” approach to spot BTC products. It’s unclear whether the SEC chair will get behind efforts for crypto-linked investment vehicles, but the commission has previously approved ETFs tied to Bitcoin and Ether (ETH) futures.
In the days after his appointment, one of the managers of Mr Trump‘s presidential election campaign, Chris LaCivita, described him as an “absolute moron”.
In 2019, Lord Mandelson told an Italian newspaper Mr Trump is “little short of a white nationalist and racist”.
But Mr Farage says he is willing to use his connections with Team Trump in the national interest to help foster good US-UK relations – despite his political differences with Sir Keir’s government.
He told the Daily Telegraph: “I am no fan of any of the people in the Labour Party, but if it is in the national interest I have always thought I could be a useful asset if they want to use that – but if they don’t, more fool them.”
The Reform UK MP said he could help with talks on trade, tariffs, intelligence-sharing and countering terrorism because “a lot of the members of the president’s cabinet are friends of mine, and many of them long-term friends”.
“I know these people, and in terms of trade, in terms of defence and in terms of intelligence, the US is our most important relationship in the world – forget Brussels,” he said.
Mr Farage first met Mr Trump after the Brexit vote in 2016 – and the pair claim to have been friends ever since.
The Clacton-on-Sea MP was seen at several Republican campaign events in the run-up to the 5 November US election.
But he told the Telegraph he fears the government may be “so split… they might not want to take up my offer”.
On appointing the former New Labour minister, Sir Keir Starmer said: “The United States is one of our most important allies and as we move into a new chapter in our friendship, Peter will bring unrivalled experience to the role and take our partnership from strength to strength.”
The regulation is set for implementation on Feb. 25, 2025, allowing the country’s crypto service providers to halt “risky” crypto transactions with insufficient user information.