Cboe Responds to SEC’s Concerns, Revises Spot Bitcoin ETF Filings With Coinbase Collaboration
Cboe, along with several other financial institutions, has re-submitted their spot bitcoin ETF filings after the SEC expressed dissatisfaction with the initial applications. The regulatory body deemed the filings inadequate and informed Cboe and Nasdaq of this development. In response, Cboe confirmed its intention to resubmit the filings and made necessary amendments, including designating Coinbase as a surveillance-sharing agreement partner. It’s worth noting that Blackrock had already identified Coinbase as its partner, even though it did not resubmit its application. The SEC remains skeptical of the sponsors’ ability to protect against manipulation and ensure investor safety, despite approving bitcoin futures ETFs with leverage. Coinbase is currently involved in a legal dispute with the SEC.
Key Points:
– SEC insiders expressed dissatisfaction with spot bitcoin ETF filings by prominent financial institutions, prompting Cboe and others to re-submit their applications.
– Cboe confirmed its intention to resubmit the filings and made necessary amendments, including designating Coinbase as a surveillance-sharing agreement partner.
– Blackrock had already identified Coinbase as its partner, despite not resubmitting its application.
– The SEC remains skeptical of the sponsors’ ability to protect against manipulation and ensure investor safety, despite approving bitcoin futures ETFs with leverage.
– Coinbase is currently involved in a legal dispute with the SEC.
Hot Take:
The SEC’s concerns and the need for amendments in spot bitcoin ETF filings highlight the regulatory challenges faced by cryptocurrency-related financial products. The collaboration between Cboe and Coinbase shows the importance of surveillance-sharing agreements in addressing these concerns. However, the ongoing legal dispute between Coinbase and the SEC adds another layer of complexity to the situation. It remains to be seen how these developments will impact the future of bitcoin ETFs in the United States.
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