$BTC Reason for the request submitted by BlackRock and Nasdaq, the U.S. Securities and Exchange Commission (SEC) will hold a public consultation on the idea that the exchange-traded fund (ETF) based on Bitcoin from both entities may allow in-kind redemptions.

SEC opens consultation for proposed change to BlackRock's IBIT

The request was announced by the SEC in a document published through its official site, in which they acknowledge the proposal submitted by BlackRock and Nasdaq for the iShares Bitcoin Trust (IBIT), for which they formally open a 21-day period in which interested individuals and entities can submit their comments and recommendations for the case.

As such, Nasdaq submitted a 19b-4 form to the SEC, in which it proposes a rule change regarding BlackRock's IBIT. It requests the regulator to allow participants in this product to receive in-kind redemptions, that is, "by the allocation of the securities in the fund's portfolio, instead of by cash payment," that is, in Bitcoin.

In this regard, the Bloomberg analyst,