The world's largest asset management company, BlackRock, held a critical meeting with the U.S. Securities and Exchange Commission's (SEC) cryptocurrency working group yesterday (8th). The meeting focused on the Staking and options features of cryptocurrency ETFs, which are highly market-focused, and broadly discussed the overall regulatory framework for digital assets.
This dialogue occurs during a period when the SEC's approach to cryptocurrency regulation has shifted from strict enforcement to active communication and collaboration after the Trump administration.
Meeting Highlights: Staking, Options, and Token Regulation
According to the meeting memorandum, the discussions included:
- Staking: Factors to consider for promoting ETPs (Exchange Traded Products) with Staking capabilities
- Crypto ETP Options: Discussing standards for setting liquidity thresholds and position limits for ETP options
- ETP Approval Standards: Hoping the SEC can clearly define conditions for approving crypto ETFs and discuss the necessity of establishing "transitional guidelines" for issuers
- Asset Tokenization: Exploring how to advance asset tokenization within the current federal securities law framework
In recent months, multiple companies have applied to the SEC to enable ETP Staking functionality. Robert Mitchnick, head of BlackRock's digital assets division, noted in March that introducing Staking functionality for Ethereum spot ETFs would be a significant advancement, despite existing "complex challenges". According to the memorandum, his participation in this meeting underscores its importance.
It's worth mentioning that the SEC has already approved options trading for multiple Ethereum ETFs, including those from BlackRock, Grayscale, and Bitwise, indicating a clearly more open regulatory stance.
SEC Regulatory Shift: From Enforcement to Collaboration
Paul Atkins, the new SEC chairman appointed by Trump, has expressed an optimistic view of digital assets' potential, publicly stating:
"Digital assets will bring enormous benefits."
He plans to collaborate with legislators to establish a supportive cryptocurrency regulatory framework, which starkly contrasts with his predecessor Gary Gensler's enforcement-focused approach.
Currently, the SEC's cryptocurrency working group, led by Republican commissioner Hester Peirce (known as the "Crypto Mom"), is actively communicating with industry stakeholders through roundtable meetings to explore more practical regulatory paths.
This meeting between BlackRock and the SEC is not just a specific communication between key participants but may become a crucial watershed moment in pushing the cryptocurrency market towards institutionalization. Against the backdrop of changing regulatory attitudes, institutional fund inflow is expected to accelerate. How to encourage innovation while protecting investor rights and maintaining market stability will be the key issue for future regulation, profoundly affecting the pace and direction of digital assets' integration into the global financial system.
