BlackRock has submitted a revised application for its iShares Bitcoin Trust ETF after the SEC deemed the previous application insufficient.
The Nasdaq exchange has made changes to an application for a Bitcoin spot ETF on behalf of BlackRock. This comes after the SEC had concerns with their first attempt.
Nasdaq selects Coinbase as surveillance partner:
In the updated application, Nasdaq has made an agreement with Coinbase, a cryptocurrency exchange, to share surveillance information. This agreement aims to address one of the main concerns raised by the SEC regarding recent Bitcoin spot ETF filings.
According to the filing, the Spot BTC SSA is a planned agreement between Nasdaq and Coinbase. This agreement will allow them to share surveillance information to enhance Nasdaq’s market surveillance program.
Last week, The Wall Street Journal reported that the SEC informed Nasdaq and Cboe that the recent ETF filings made by BlackRock, Fidelity, and other companies were not considered “clear and comprehensive.”
Shortly after, Eric Balchunas, a senior analyst at Bloomberg, tweeted that the SEC’s primary concern regarding the filings was the need for the name of the cryptocurrency exchange involved in the “surveillance-sharing agreement.” Additionally, the SEC requested more specific information about the agreement (SSA).
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
Companies Revise ETF Filings:
BlackRock’s planned ETF will rely on Coinbase as its custodian and for obtaining spot market data to determine pricing. Coinbase has also agreed to offer similar services to Fidelity, which is also seeking approval for its own Bitcoin spot ETF.
BlackRock submitted the initial application for a Bitcoin spot ETF on June 15, and this was followed by filings from WisdomTree, Invesco, and finally, Fidelity.
Under the current chairman Gary Gensler, the SEC has taken a negative stance towards cryptocurrencies. As a result, the SEC has not granted approval for any Bitcoin spot ETFs.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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