
Nasdaq Seeks Rule Change for BlackRock’s Spot Bitcoin ETF
Nasdaq has proposed a rule change for BlackRock’s iShares Bitcoin Trust ETF, which would allow for in-kind BTC redemptions for authorized participants, rather than just cash.
This is a departure from the current practice, set by the SEC in 2024 when President Joe Biden and former crypto skeptic Gary Gensler were in power, where shares of the ETF could only be redeemed for cash through a market maker.
However, with the new administration under President Donald Trump, which has created an SEC crypto task force, there are indications of a shift towards clearer regulation for the industry.
As a sign of this change, the SEC recently rescinded the controversial crypto accounting rule, SAB 121, which discouraged banks from holding crypto assets.