Last week’s unravelling of incongruity among SEC insiders with the latest batch of spot Bitcoin ETF filings stood out substantially in the crypto sphere. High-profile finance establishments, including Blackrock, Wisdomtree, Valkyrie, Fidelity, Ark Investment, and Invesco, were found lacking in their filings.
This revelation triggered a swift response from four of the firms—Fidelity, Vaneck, Invesco, and Wisdomtree. They not only acknowledged the SEC’s dissatisfaction but also proceeded to revamp and re-file their applications. On the other hand, Cboe, an exchange operator, reiterated its intent to likewise renew its Bitcoin ETF applications.
A commitment was demonstrated on Friday when the Cboe, in association with Coinbase, resubmitted its filings. This move subtly exhibits their determination to address the SEC’s concerns and ensure that any ambiguity previously present in the filings was categorically dealt with.
Interestingly, amidst this flurry of actions, not all firms conformed. Both Blackrock and Ark refrained from re-filing their applications, though Blackrock selected Coinbase as its preferred Surveillance-Sharing Agreement (SSA) associate. The selection underscored the signification role Coinbase’s platform has in U.S-based Bitcoin trading, a fact that Cboe did not fail to highlight in its amended applications.
The unwavering stance of the SEC on the institution of surveillance-sharing agreements with major markets cannot be taken lightly. They firmly believe it staves off market manipulation while granting consumers security, making it an inevitable prerequisite for Bitcoin ETFs. However, the unabashed lack of such arrangements has been instrumental in the SEC’s refusal of multiple Bitcoin ETF applications in the past.
It is worth noting that while these updates hint towards a more compliant crypto market approach, the SEC is still silent on its formal review of these applications. Not to mention, the impending 45-day initial review period – extendable up to 240 days – once the filings are logged in the Federal Register.
Despite rocky market conditions and adversities such as the abrupt shut down of crypto exchange FTX, Bitcoin’s resilience refuses to falter. In fact, recent ETF applications by BlackRock and Fidelity have fuelled a 20% surge in Bitcoin prices since June 15. The indications for the future are fascinating, setting the stage for intriguing developments in the regulatory environment of the crypto market
Source: Cryptonews
