UPDATE: Coinbase will be Cboe's surveillance partner for the spot bitcoin ETFs linked to not only Fidelity, but also Invesco, Van Eck, WisdomTree, Ark 21 and Invesco/Galaxy, according to refiled applications. nikhileshde reports
Fidelity, WisdomTree, VanEck, ARK Invest, Galaxy/Invesco and BlackRock all filed for spot bitcoin ETFs over the past few weeks, hoping to succeed at launching a product the U.S. Securities and Exchange Commission has rejected for years. While BlackRock filed with Nasdaq, the other companies are working with Cboe.
On Friday, the SEC told some both Nasdaq and Cboe that their applications were"inadequate" because they didn't name the market that the fund sponsors are working with on their surveillance-sharing agreements, according to theIn its refiled applications, Cboe said Coinbase's platform"represents a substantial portion of U.S.-based and USD denominated Bitcoin trading" as it named the U.S. crypto exchange as its partner for these surveillance-sharing agreements.
"The Spot BTC SSA [surveillance-sharing agreement] is expected to have the hallmarks of a surveillance-sharing agreement between two members of the, which would give the Exchange supplemental access to data regarding spot Bitcoin trades occurring on Coinbase if the Exchange determines it is necessary as part of its surveillance program for the Commodity-Based Trust Shares in a manner similar to the way that exchanges share information as part of ISG," the filing said.
The regulator still has to formally acknowledge it is reviewing the applications. The SEC will kick off an initial 45-day review period when it publishes the filings in the Federal Register – the national logbook – but can extend this to a total of 240 days.
It also remains to be seen whether the SEC will agree that Coinbase is a significant, regulated market for bitcoin.Updates to say Coinbase will be surveillance-sharing partner for all the spot bitcoin ETF applications.
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