2023-7-5 10:45 |
Days after the United States Securities and Exchanges Commission (SEC) ruled that the previous spot Bitcoin exchange-traded fund (ETF) applications by BlackRock (NYSE: BLK), Fidelity and others were inadequate, BlackRock has amended and resubmitted its BTC ETF application.
The amended application was refiled by The Nasdaq exchange on behalf of BlackRock after the SEC found trouble with it’s first application.
Coinbase enjoined as a surveillance partnerIn the new application, Nasdaq and cryptocurrency exchange Coinbase agreed to enter into a surveillance-sharing agreement. This was aimed at resolving one of the SEC’s primary concerns with the previous Bitcoin spot ETF filings.
Part of the filing reads:
“The Spot BTC SSA is expected to be a bilateral surveillance-sharing agreement between Nasdaq and Coinbase that is intended to supplement the exchange’s market surveillance program.”
It is understood that SEC’s main objection to the filings was that a crypto exchange for the “surveillance-sharing agreement” needed to be included and sufficient details on the SSA were also required.
Hold up a second, this isn't as bad as headline. The key paragraph is deep in story. Basically SEC wants them to name the "crypto exchange" and give more details on SSA. That's understandable, arguably good news. I was under impression they'd have to update that as well. pic.twitter.com/bh9qn65Xh2
— Eric Balchunas (@EricBalchunas) June 30, 2023 Fidelity to follow BlackRock after deal with CoinbaseJust like in the first time where BlackRock was the first to apply for a Bitcoin spot ETF on June 15, followed by filings from WisdomTree, Invesco, and finally, Fidelity, BlackRock is the first to resubmit its Bitcoin ETF.
However, Coinbase has also agreed to provide surveillance-sharing services to Fidelity, meaning we could also see Fidelity resubmit its BTC ETF filling soon. It is not clear whether WisdomTree and Invesco are considering refiling their application.
All eyes are now on the SEC, which has in recent weeks taken a very hard stand against cryptocurrencies, to see if it will approve the resubmitted Bitcoin ETFs.
So far, the US Securities and Exchange Commission (SEC) has not approved any spot Bitcoin ETF in the US. However, it has approved several futures-based exchange-traded funds, including the ProShares Bitcoin futures ETF which was approved in October 2021.
In June last year, the SEC refused to grant Grayscale’s application to convert its Bitcoin Trust (OTCMKTS: GBTC) product to a spot Bitcoin ETF. Grayscale sued the SEC and the case has not been determined yet.
The post BlackRock resubmits its Bitcoin ETF application with the SEC appeared first on Invezz.
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