Nasdaq resubmitted BlackRock’s spot Bitcoin exchange-traded fund (ETF) filing on July 3 after clarifying its intention to enter into a surveillance-sharing agreement (SSA) with Coinbase – which will serve as the spot Bitcoin exchange required by the SEC.
The move mirrors the other filings filed by Cboe Global Markets on behalf of global asset manager Fidelity Investments and Ark Invest, which also chose to list Coinbase as their SSA partner.
The SEC has returned the filings filed in the month of June due to a lack of clarity and completeness. The main concern was a lack of specification that the spot Bitcoin exchange would be part of the SSA for the ETFs.
The industry had largely expected exchanges to choose Coinbase for its size and market share, despite some concerns stemming from the legal battle with the SEC. The regulator stated in its requirements that the spot Bitcoin exchange must operate a “market of significant size” to qualify.
With many recent mock Bitcoin ETF filings being resubmitted to the SEC, the ball is now in the watchdog’s court and the industry eagerly awaits the ruling.
The SEC has been denying similar applications for years, and there was a point in 2022 when most companies hoped the regulator would change its stance in the near future. However, large traditional financial institutions entering the fray have sparked new optimism.
Research firm Bernstein said on July 3 that it expects ETF applications to receive a green light based on the fact that it has approved futures products.
Analysts believe that the arguments used to gain approval for futures-based products also apply to a spot Bitcoin product and should be enough to gain regulatory approval.
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