Search Results for: Surveillance Sharing Partner

“Cboe’s BZX exchange is preparing for a historical first with the potential launch of the U.S.’s maiden spot ether exchange-traded funds (ETFs). The SEC’s approval of such a move would mark a new era of crypto trading, including on-the-spot ether exchanges via ETFs. The decision may reshape the financial landscape, creating a new entry point for traditional investors into the realm of digital currency.”

Global X has submitted an application for a spot Bitcoin ETF, seeking to provide investors access to Bitcoin with added safety measures. This comes as the ninth such application under review by US authorities, following several others including one by Grayscale, a CoinDesk parent company. The anticipated approval could drive Bitcoin towards mainstream adoption, despite concerns over regulatory controls, market manipulation, and volatility in the cryptocurrency market.

The Securities and Exchange Commission (SEC) is advancing the approval process for several spot crypto ETF applications from key players like BlackRock and Fidelity. Despite potential delays, this development offers hope for the broader crypto industry and could meaningfully contribute towards mainstream adoption of crypto investment vehicles. However, the varying regulatory landscape necessitates careful navigation.

“Brian Armstrong, CEO of Coinbase, is set to meet with House Democrats to discuss cryptocurrency regulations, focusing on taxation, security, privacy, and climate. Coinbase’s recent challenges with the SEC underscore the need for clearer cryptocurrency regulations.”

The U.S. SEC’s dissatisfaction with the state of spot bitcoin ETF applications is due to their lack of clear surveillance-sharing agreements (SSAs) designed to detect market fraud. Coinbase, while a credible candidate, presents challenges as a surveillance overseer, sparking discussions about an invasive, regulation-heavy future for bitcoin.

“Valkyrie Digital Assets, together with BlackRock and Fidelity, is making a fresh attempt to secure SEC approval for a Bitcoin ETF. Their new application suggests a significant potential partnership with Coinbase for a surveillance-sharing agreement to deter market manipulation. The ETF listing platform is slated to be Nasdaq.”

Last week, high-profile finance establishments were found lacking in their spot Bitcoin ETF filings, triggering a swift response from several firms to revamp and re-file their applications. Despite initial inconsistencies, these efforts reflect a drive towards a more compliant crypto market, bolstering Bitcoin’s resilience in the midst of market challenges.

Nasdaq has refiled an application to list BlackRock’s proposed bitcoin ETF, designating Coinbase as the regulated market under the surveillance-sharing agreement. This move, informed by feedback from U.S securities regulators, follows the requirement for bitcoin trust sponsors to enter into such agreements with significantly sized regulated markets. Despite skepticism, Coinbase shares have risen 8% following this development.

The Chicago Board Options Exchange’s BZX Exchange has refiled its spot bitcoin ETF application, partnering with Coinbase under a surveillance-sharing agreement. Yet, the SEC has met these efforts with stringent scrutiny, highlighting inadequacies and emphasizing the need for robust market surveillance agreements for consumer protection.

“Fidelity Investments makes a second attempt at a spot BTC Trust known as Wise Origin, amidst seven similar fund applications this year. Despite potential risks, they argue for the need of a Spot Bitcoin exchange-traded product, which could protect U.S. investor assets from riskier alternatives. The blockchain future, despite regulatory skepticism, is seen as inevitable.”

ARK Invest and 21Shares recently revised their Bitcoin ETF proposal, adding a surveillance-sharing agreement with CBOE BZX Exchange to prevent market manipulation – a move designed to help secure SEC approval. Including such agreements could enhance crypto market transparency and align it with traditional US markets.