Representatives from BlackRock and the Nasdaq met with the United States Securities and Exchange Commission to discuss the proposed rule allowing the listing of a spot Bitcoin

According to a Nov. 20 SEC memo, BlackRock provided a presentation detailing how the firm could use an in-kind or in-cash redemption model for its iShares Bitcoin Trust. It’s unclear how SEC officials responded to the two proposed models or if they intend to approve a spot BTC ETF after numerous delays and rejections.

Many reports have suggested the SEC could be nearing a decision on a spot BTC ETF for listing on U.S. markets. If approved, it would be one of the most significant positive trends toward mainstream crypto adoption. SEC officials also met with Grayscale representatives on Nov. 20 in the firm’s bid for listing a Bitcoin ETF.

Related: Spot Bitcoin ETF: Why this time is different

BlackRock is one of many firms with spot crypto ETF applications in the SEC pipeline awaiting a response, including Fidelity, WisdomTree, Invesco Galaxy, Valkyrie, VanEck and Bitwise. The asset management company first applied for listing a spot BTC ETF in June on the Nasdaq stock exchange.

A video of SEC Chair Gary Gensler from 2019 resurfaced in October , in which he criticized the commission’s “inconsistent” approach to spot BTC products. It’s unclear whether the SEC chair will get behind efforts for crypto-linked investment vehicles, but the commission has previously approved ETFs tied to Bitcoin and Ether

Magazine: Crypto regulation: Does SEC Chair Gary Gensler have the final say?