07-13-2023, 05:13 AM
Cboe Refiles Spot Bitcoin ETFs Following Surveillance Agreement with Coinbase
<p>The American derivatives and securities exchange network,
Cboe Global Markets, filed amended applications to list spot Bitcoin exchange-traded funds (ETFs) yesterday (Tuesday). The amended applications propose to include
Coinbase as a surveillance-sharing partner for the spot Bitcoin ETFs filed on
behalf of Fidelity, VanEck, WisdonTree, and Invesco. </p><p>In the applications, which included a joint proposal by Ark Invest and 21Shares for a spot <a href="https://www.financemagnates.com/terms/b/bitcoin/" class="terms__main-term" id="261088a9-0f41-4202-a73c-31f75ba6bd93">Bitcoin</a> ETF, Cboe stated that it agreed to enter into a
surveillance-sharing agreement (SSA) with Coinbase on June 21. Additionally,
the exchange said the agreement was expected to be implemented before the
listing of the <a href="https://www.financemagnates.com/cryptocurrency/valkyrie-joins-the-race-for-spot-bitcoin-etf-approval/" target="_blank" rel="follow">spot
Bitcoin ETFs</a>.</p><p>Cboe’s
Surveillance-Sharing Agreement</p><p>The step is an
attempt by Cboe to meet a requirement for an SSA set by the Securities and Exchange
Commission (SEC). An SSA is an agreement entered into by a party listing a
spot Bitcoin ETF and a spot exchange where the exchange is required to share information about any suspicious
activity in the market with the regulator.</p><p>The SEC has in the past
rejected applications for spot Bitcoin ETFs, saying that the proposals do not
meet the standards to prevent fraud and market manipulation. Further, the
SEC maintains that such standards can only be met if the applicants can
demonstrate that they have a comprehensive SSA with
a regulated market.</p><p>Following Nasdaq’s Steps</p><p>About two weeks ago,
Nasdaq similarly refiled its application to list the spot Bitcoin ETF on behalf of
BlackRock, the world’s leading asset management company. In the filing, the stock
<a href="https://www.financemagnates.com/terms/e/exchange/" class="terms__secondary-term" id="b5da6e64-2afe-421d-9b81-16404b7d59d6">exchange</a> similarly included an SSA with Coinbase.</p><p>BlackRock <a href="https://www.financemagnates.com/cryptocurrency/blackrock-seeks-approval-for-a-spot-bitcoin-etf-in-the-us/" target="_blank" rel="follow">filed
an application</a> to list
a spot Bitcoin ETF in mid-June, sparking a wave of similar filings from Ark Invest and Fidelity, among other asset managers. In the application, the asset management company
stated that it would use the custodian services offered by Coinbase for the ETF. </p><p>However, <a href="https://www.financemagnates.com/" target="_blank" rel="follow">Finance Magnates</a> recently reported, citing sources who shared information with the Wall
Street Journal, that the SEC had <a href="https://www.financemagnates.com/cryptocurrency/sec-dismisses-latest-spot-bitcoin-etf-applications-as-inadequate/" target="_blank" rel="follow">rejected the applications</a> from Fidelity and BlackRock. According to the sources, the
agency said the applications were neither sufficiently clear nor comprehensive.</p>
This article was written by Jared Kirui at www.financemagnates.com.
https://www.financemagnates.com//cryptoc...-coinbase/
<p>The American derivatives and securities exchange network,
Cboe Global Markets, filed amended applications to list spot Bitcoin exchange-traded funds (ETFs) yesterday (Tuesday). The amended applications propose to include
Coinbase as a surveillance-sharing partner for the spot Bitcoin ETFs filed on
behalf of Fidelity, VanEck, WisdonTree, and Invesco. </p><p>In the applications, which included a joint proposal by Ark Invest and 21Shares for a spot <a href="https://www.financemagnates.com/terms/b/bitcoin/" class="terms__main-term" id="261088a9-0f41-4202-a73c-31f75ba6bd93">Bitcoin</a> ETF, Cboe stated that it agreed to enter into a
surveillance-sharing agreement (SSA) with Coinbase on June 21. Additionally,
the exchange said the agreement was expected to be implemented before the
listing of the <a href="https://www.financemagnates.com/cryptocurrency/valkyrie-joins-the-race-for-spot-bitcoin-etf-approval/" target="_blank" rel="follow">spot
Bitcoin ETFs</a>.</p><p>Cboe’s
Surveillance-Sharing Agreement</p><p>The step is an
attempt by Cboe to meet a requirement for an SSA set by the Securities and Exchange
Commission (SEC). An SSA is an agreement entered into by a party listing a
spot Bitcoin ETF and a spot exchange where the exchange is required to share information about any suspicious
activity in the market with the regulator.</p><p>The SEC has in the past
rejected applications for spot Bitcoin ETFs, saying that the proposals do not
meet the standards to prevent fraud and market manipulation. Further, the
SEC maintains that such standards can only be met if the applicants can
demonstrate that they have a comprehensive SSA with
a regulated market.</p><p>Following Nasdaq’s Steps</p><p>About two weeks ago,
Nasdaq similarly refiled its application to list the spot Bitcoin ETF on behalf of
BlackRock, the world’s leading asset management company. In the filing, the stock
<a href="https://www.financemagnates.com/terms/e/exchange/" class="terms__secondary-term" id="b5da6e64-2afe-421d-9b81-16404b7d59d6">exchange</a> similarly included an SSA with Coinbase.</p><p>BlackRock <a href="https://www.financemagnates.com/cryptocurrency/blackrock-seeks-approval-for-a-spot-bitcoin-etf-in-the-us/" target="_blank" rel="follow">filed
an application</a> to list
a spot Bitcoin ETF in mid-June, sparking a wave of similar filings from Ark Invest and Fidelity, among other asset managers. In the application, the asset management company
stated that it would use the custodian services offered by Coinbase for the ETF. </p><p>However, <a href="https://www.financemagnates.com/" target="_blank" rel="follow">Finance Magnates</a> recently reported, citing sources who shared information with the Wall
Street Journal, that the SEC had <a href="https://www.financemagnates.com/cryptocurrency/sec-dismisses-latest-spot-bitcoin-etf-applications-as-inadequate/" target="_blank" rel="follow">rejected the applications</a> from Fidelity and BlackRock. According to the sources, the
agency said the applications were neither sufficiently clear nor comprehensive.</p>
This article was written by Jared Kirui at www.financemagnates.com.
https://www.financemagnates.com//cryptoc...-coinbase/