Exchange operator Cboe Global Markets has amended five spot bitcoin (BTC) exchange traded fund (ETF) applications to include a surveillance sharing agreement (SSA) with Coinbase.
On July 11, Cboe amended filings with the United States Securities and Exchange Commission (SEC) for the ETFs of Invesco, VanEck, WisdomTree, Fidelity and the joint funds of ARK Invest and 21Shares.
Cboe said it had “reached an agreement on terms with Coinbase” to complete the SSAs, which closed on June 21. The initial filings for the ETFs said the parties “expected to complete an SSA” before potentially offering the ETFs.
The SSAs are an attempt to meet the SEC’s standards aimed at deterring fraudulent behavior and protecting investors, as set out by the regulator on March 10:
“[An exchange needs] a comprehensive oversight sharing arrangement with a regulated market of significant size in relation to the underlying or reference bitcoin assets.”
Spot bitcoin ETF applications have been an industry focus of late. Fidelity, Invesco, Wisdom Tree and Valkyrie’s filings follow $10 trillion asset management firm BlackRock, which has also filed an ETF for SEC approval.
Related: Why a bitcoin ETF approval would be a big deal
On June 29, the US exchange Nasdaq also resubmitted its application to list BlackRock’s ETF, also including an SSA with Coinbase.
Cboe filings sent Coinbase (COIN) shares up nearly 10% on June 11, the highest price since August 16, according to Google Finance.
Coinbase’s stock price rose nearly 10% on recent SSA-related filing changes. Source: Google Finance
Despite being involved in bitcoin ETF filings, Coinbase is currently engaged in litigation with the SEC over alleged offerings of cryptocurrencies, which the regulator considers unregistered securities.
Magazine: Asia Express: HK crypto ETFs on fire, Binance warns of maverick FOMO, poly hack
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.