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.
EU’s ProtectEU mandates on-device scanning before encryption, creating a two-tier security system where states encrypt while citizens are surveilled. Digital feudalism codified.
Sir Keir Starmer has said Rachel Reeves will face no further action over her “inadvertent failure” to obtain a rental licence for her south London home.
The chancellor had come under pressure to explain whether she had broken housing law by not getting the licence for the property when she moved into Number 11 Downing Street last year.
Conservative leader Kemi Badenoch called for her to resign or be sacked.
But in a letter published on Thursday night, the prime minister said correspondence shared by Ms Reeves shows her husband had been assured by the couple’s estate agents “that they would apply for a licence on his behalf”.
Sir Keir said it was “regrettable” he had not been made aware of the correspondence sooner, with an initial letter the chancellor sent him on Wednesday having suggested she was “not aware that a licence was necessary”.
A second letter from Ms Reeves on Thursday informed the prime minister that she had found correspondence between the letting agent and her husband about applying for the licence on their behalf.
Sir Keir said in his reply: “I understand that the relevant emails were only unearthed by your husband this morning, and that you have updated me as soon as possible.”
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The PM labelled the incident “an inadvertent failure” and said he sees “no need” for further action.
Lettings agency apologises
Number 10 also published advice given to the PM by his independent ethics adviser, Sir Laurie Magnus, saying he’d found “no evidence of bad faith”.
The owner of lettings agency Harvey and Wheeler has released an apology to the chancellor.
Gareth Martin confirmed a member of his staff said they would apply for the licence – but this was never done, as the person “suddenly resigned” prior to the start of the tenancy.
He said: “We deeply regret the issue caused to our clients as they would have been under the impression that a licence had been applied for.”
Image: The housing row had loomed over Rachel Reeves. Pic: PA
Ms Reeves had immediately faced calls to leave her post after a report in the Daily Mail, which saw her admit to mistakenly breaching local council housing rules by failing to secure the licence.
The newspaper reported Ms Reeves had failed to pay for a “selective” licence when renting out her family home in Dulwich, south London, which she has left while living in Downing Street as chancellor.
The Housing Act 2004 gives councils the power to make landlords accredit themselves in certain areas.
What are rental licensing laws?
Under the Housing Act 2004, introduced by Labour, councils can decide to introduce selective licensing, where residential landlords in specified areas must have a licence.
Landlords must adhere to certain requirements to obtain a licence, including gas certificates, working carbon monoxide alarms and fire safety regulations for furnishings.
They must secure a licence within 28 days of renting out a home.
Southwark Council, where Rachel Reeves’ house is, charges £900 for a licence, which lasts five years.
Failure to secure a selective licence can result in a penalty of up to £30,000 or an unlimited fine from a court upon conviction.
Landlords can also be made to repay up to 12 months’ rent to the tenant or they can be prevented from renting out the property.
Serious and repeat offenders can be prosecuted, with a sentence of up to five years or an uncapped fine, and they can be put on a rogue landlords database.
Ms Reeves has apologised over the incident, and for the delay in clarifying what advice her husband had received from the estate agent.
“I am sorry about this matter and accept full responsibility for it,” she told the PM.
Number 10 has consistently backed Ms Reeves ahead of her delivering the budget on 26 November.