Cboe Resubmits Spot Bitcoin ETF Filings With Coinbase as Surveillance-Sharing Partner Amid SEC Dissatisfaction
Publikováno: 1.7.2023
In response to reports suggesting that the recent wave of spot bitcoin exchange-traded funds (ETFs) filed in recent weeks did not meet the U.S. Securities and Exchange Commission’s (SEC) standards, the Chicago Board Options Exchange (Cboe) has resubmitted four 19b-4 filings for these ETFs. Notably, Cboe’s amended filings now include Coinbase as a partner in […]
In response to reports suggesting that the recent wave of spot bitcoin exchange-traded funds (ETFs) filed in recent weeks did not meet the U.S. Securities and Exchange Commission’s (SEC) standards, the Chicago Board Options Exchange (Cboe) has resubmitted four 19b-4 filings for these ETFs. Notably, Cboe’s amended filings now include Coinbase as a partner in the surveillance-sharing agreement for the spot bitcoin ETFs.
Cboe Responds to SEC’s Concerns, Revises Spot Bitcoin ETF Filings With Coinbase Collaboration
Following a report by the Wall Street Journal (WSJ) disclosing the dissatisfaction of SEC insiders with the recent batch of spot bitcoin ETF applications by several prominent financial institutions, including Blackrock, Wisdomtree, Valkyrie, Fidelity, Ark Investment, and Invesco, four firms re-submitted their filings on Friday.
In an article by WSJ contributor Vicky Ge Huang, insiders, described as “people familiar with the matter,” revealed on Friday that the regulatory body deemed the ETF registrations inadequate. Cboe and Nasdaq were among those informed of this development, the WSJ report noted.
According to Ge Huang’s report, a spokeswoman from Cboe confirmed the exchange’s intention to resubmit its spot bitcoin ETF filings. True to their word, Cboe proceeded to update and make necessary amendments to the filings, which were initially submitted by Fidelity, Vaneck, Invesco, and Wisdomtree.
A significant development in the amendments came on Friday, as Coinbase was designated as a surveillance-sharing agreement (SSA) partner. It’s worth noting that while Blackrock and Ark did not resubmit their applications, Blackrock had already identified Coinbase as its SSA partner.
To date, the U.S. regulatory watchdog remains skeptical of the spot bitcoin ETF sponsors’ ability to safeguard the funds against manipulation and ensure investor protection. Despite granting approval for multiple futures exchange-traded funds, the SEC recently greenlit a bitcoin futures ETF with leverage.
Interestingly, the latest ETF applications and Blackrock’s filing have designated Coinbase as a surveillance-sharing agreement (SSA) partner. However, it’s important to note that the San Francisco-based firm is currently entangled in a legal dispute with the securities regulator, as the SEC filed a lawsuit against the exchange.
Will the inclusion of Coinbase as a surveillance-sharing partner in the resubmitted spot Bitcoin ETF filings be enough to satisfy the SEC’s concerns? Share your thoughts and opinions about this subject in the comments section below.