BlackRock, one of the world’s largest asset management companies, held a key meeting with the Securities and Exchange Commission (SEC) Cryptographic Task Force on May 9th.
During the meeting, issues such as staking practices, securities tokenization, Crypto-exchange Trade Funds (ETFs) approval criteria, and definition of optional transactions for these ETFs were discussed.
Requesting the meeting, BlackRock introduced its digital asset product portfolio by giving presentations to SEC officials. The company’s products, including IBIT (Bitcoin ETF), ETHA (Ethereum ETF), and BlackRock USD Institutional Digital Liquitidity Fund (BUIDL), have been valued in light of the market development.
BlackRock also shared its opinion on the regulatory framework for staking, how staking-enabled ETPs (exchange-traded products) can be developed, as well as the expectations and potential steps for regulatory towards symbolizing securities.
Another focus of the meeting was the criteria required to approve the cryptocurrency ETP. BlackRock consulted the SEC on issues such as how to meet the eligibility requirements under Section 6(b) of the Securities and Exchange Act and the establishment of a provisional regulatory framework.
Finally, crypto ETP options trading was discussed. Here, technical details such as the location limits, usage limits and liquidity thresholds of the underlying asset were evaluated.
*This is not investment advice.
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