SEC and BlackRock Hold Closed-Door Meeting Over Crypto ETF, IBIT, and BUIDL Rules

On May 9, 2025, the U.S. Securities and Exchange Commission (SEC) hosted a private meeting with BlackRock. The SEC’s Crypto Task Force led the session. The discussions focused on crypto ETF regulation, staking, and tokenization. Nine BlackRock executives joined the meeting. Most came from the company’s Digital Assets and Regulatory Affairs departments. The meeting is part of a series of private talks the SEC has held with financial firms. The SEC formed the Crypto Task Force under the Trump administration. Since then, it has met with several private companies to examine crypto regulation frameworks. BlackRock’s meeting followed this pattern. BlackRock Raises IBIT, Staking, and Tokenization With SEC The agenda submitted by BlackRock included several key items. One section asked to discuss “facilitating ETPs with staking capabilities.” ETP stands for exchange-traded products. These include crypto ETF offerings like BlackRock’s IBIT. IBIT is the largest spot Bitcoin ETF globally. BlackRock has been trying to gain approval for staking options within IBIT. The SEC has not yet approved any crypto ETF staking requests. The agenda also mentioned “factors...for approving crypto ETPs” and “standards...for options on crypto ETPs.” These requests focused on crypto ETF policies, which fall under the SEC’s supervision. Another part of the agenda discussed BUIDL. This is BlackRock’s tokenized investment fund. BlackRock referenced it while covering “market developments” and tokenization of real-world assets (RWA). RWA tokenization appeared multiple times in the agenda. Nine BlackRock Executives Attended the SEC Crypto Task Force Meeting Attendees included the Heads and Directors of Digital Assets and Regulatory Affairs. The meeting was held behind closed doors, and no final outcomes were disclosed. The agenda named the participants and listed the topics. It included specific references to BlackRock’s crypto ETF products and tokenization efforts. The full names and job titles of all attendees were submitted to the SEC. This meeting followed public criticism of the SEC’s interactions with large financial institutions. Some parties have questioned whether these private meetings reflect equal access to regulators. However, the SEC has not commented on that matter. The SEC Crypto Task Force continues to hold private sessions on digital asset regulation. The May 9 meeting shows that crypto ETF rules, staking proposals, and tokenization efforts remain on the regulatory agenda.