DEVELOPING: BlackRock Reportedly Meets With SEC!

By Vince • November 22, 2023 10:24 pm • Comments

BlackRock has reportedly met with the Securities and Exchange Commission behind closed doors.

The financial giant met to discuss the details of its proposed spot Bitcoin ETF that crypto investors have been patiently anticipating for some time now. A spot Bitcoin ETF will give investors exposure to Bitcoin without them holding the asset directly.

Some are speculating that recent actions against Binance have paved the way for BlackRock’s spot Bitcoin ETF to be approved.

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While we have no proof of this, only time will tell if the coordinated pressure against Binance will pave the way for BlackRock’s ascendancy in the Bitcoin ETF space.

Numerous firms and companies have been pitching the idea of a Bitcoin ETF to the SEC for months now to no avail, if the BlackRock Bitcoin ETF is suddenly approved you know why. Here’s what everyone is saying:

Coin Telegraph reports:

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.

One member of the crypto community remarked: “With CZ and Binance now removed out of the picture, the SEC can now greenlight the spot ETF. Allowing BlackRock, Fidelity, Invesco, and other major players to take over control. This is how the game is played.”

James Seyffart drew attention to a related development: “Grayscale had meetings with the SEC’s division of trading and markets yesterday (the division in charge of approving or denying 19b-4’s). Have also heard rumblings of other potential spot Bitcoin ETF issuers meeting with SEC in the last ~week or so.”

According to The Block:

BlackRock filed for the iShares Bitcoin Trust in June of this year, which moved markets. The SEC is currently reviewing multiple spot bitcoin ETF applications, including one from BlackRock. The asset manager’s bitcoin ETF ticker, IBTC, has also appeared on the Depository Trust & Clearing Corp’s website since August — but was noticed only late last month.

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