Increasingly hustled by seekers of spot Bitcoin ETFs, the SEC ended up confessing the reasons for its refusals. It didn’t take Fidelity, VanEck and co. long to review their file and make a new deposit. Apparently, the American regulator has his work cut out for him.
Influx of “adequate” requests for Bitcoin ETFs
The Securities and Exchange Commission has for ages been hanging around lots of spot BTC ETF seekers. This has overwhelmed VanEck’s boss and infuriated other firms like Grayscale.
But yesterday, they got a nod from the American financial policeman. The latter admitted that the old requests are “ inadequate “. A situation that turned out to be unpleasant for bitcoin.
Applicants were asked, on occasion, to mention thespot exchange bitcoin with which they will establish a “Surveillance Sharing Agreement” (SSA).
” Fidelity, WisdomTree, VanEck and Investco/Galaxy have all resubmitted their bitcoin spot ETF application, designating Coinbase as an exchange. Nothing from BlackRock or ARK yet. »
Thus, Coinbase was designated by all applicants for Spot Bitcoin ETFs as a crypto exchange monitoring partner, underlines CryptoSlate.
Late night yesterday, Eric Balchunas, the Senior ETF Analyst at Bloomberg, revealed the renewal of ARK’s Bitcoin ETF request. But this one has something special.
” A significant note: ARK actually added an amendment to its 19b-4 while the others have redeposited a file and checked the box for the initial deposit. It’s possible this will restart the counter for them to June 30th while ARK can keep their April drop date. “, he commented.
Discussions around the SEC’s position
The SEC, which recently endorsed Volatility Shares’ Bitcoin futures ETF, may be wrong, some analysts say. Already, the Surveillance Sharing Agreement (SSA) is an acquired as soon as a Spot Bitcoin ETF promoter joins the Intermarket Surveillance Group (ISG). It should also be noted that the Chicago Mercantile Exchange (CME), the bitcoin futures market with whom the Nasdaq and the Chicago Board Options Exchange (Cboe Global Markets) prefer to work, is always on the lookout for fraud and market manipulation.
Also, it was mentioned that underlying commodity spot markets (gold, currencies, etc.) remain unregulated. And yet, gold ETFs abound on the market. So why complicate the launch of spot Bitcoin ETFs?
No matter how things turn out, we will agree to mention that the SEC does not seem to be on good terms with Coinbase Right now. Will this have repercussions on his eventual decisions?
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