BlackRock and SEC discuss crypto ETF pledge and options in key meeting

Asset management giant BlackRock held talks with the US SEC on Friday on key issues such as staking, options and tokenization of cryptocurrency ETFs. Against the backdrop of a more cooperative regulatory attitude, this move may accelerate the institutionalization of the crypto market.

The world's largest asset management company BlackRock held a key meeting with the US Securities and Exchange Commission's (SEC) cryptocurrency working group yesterday (8). The focus of the meeting was on the staking and options functions of cryptocurrency ETFs, which the market is highly concerned about, and also widely discussed the overall regulatory framework for digital assets.

This dialogue coincided with the transition period after President Trump took office, when the SEC's attitude towards cryptocurrency regulation shifted from strict law enforcement to active communication and collaboration.

Meeting focus: pledge, options and tokenization regulation

According to the meeting memorandum, the two sides discussed the following:

• Pledge: Factors to consider in promoting ETPs (exchange-traded products) with pledge functions

• Crypto ETP options: Discuss the standards for establishing liquidity thresholds and position limits for ETP options.

• ETP approval standards: It is hoped that the SEC can clearly define the conditions for approving crypto ETFs and discuss whether it is necessary to establish "transitional guidelines" for issuers to follow.

• Asset tokenization: Explore how to promote asset tokenization under the current federal securities regulatory framework.

In recent months, several companies have applied to the SEC to open ETF pledge functions. Robert Mitchnick, head of BlackRock's digital assets department, pointed out in March that it would be a major progress if the staking function could be introduced for the Ethereum spot ETF, although there are still many "complex challenges". According to the memo, he also participated in the meeting, showing that the importance of the discussion cannot be ignored.

It is worth mentioning that the SEC approved several Ethereum ETFs including BlackRock, Grayscale, and Bitwise to open options trading last month, and the regulatory attitude has obviously become more open.

SEC regulatory wind direction changes: from law enforcement to collaboration

Paul Atkins, the new SEC chairman appointed by Trump, expressed a positive view on the potential of digital assets. He once publicly stated:

"Digital assets will bring huge benefits."

He plans to work with lawmakers to establish a supportive crypto regulatory framework, which is in sharp contrast to the position of former chairman Gary Gensler who emphasized law enforcement.

Currently, the SEC's cryptocurrency working group, led by Republican Commissioner Hester Peirce, known as "Crypto Mom," is actively communicating with industry stakeholders through roundtable meetings and other forms of communication to explore more pragmatic and feasible regulatory paths.

This meeting between BlackRock and the SEC is not only a specific communication between key participants, but may also become an important watershed in promoting the institutionalization and institutionalization of the crypto market. Against the backdrop of a change in regulatory attitudes, the inflow of institutional funds is expected to accelerate. How to protect investor rights and maintain market stability while encouraging innovation will be a key issue for future regulation, and will also profoundly affect the pace and direction of digital assets' integration into the global financial system.