Cboe amends Bitcoin ETF filing after surveillance agreement with Coinbase

TL;DR Breakdown

  • Cboe Global Markets has revised its Bitcoin ETF filing to incorporate its surveillance sharing agreement with Coinbase.
  • Coinbase agreement boosts investor sentiment amid a legal battle with the SEC.

Description

Cboe Global Markets, a prominent exchange operator, has made revisions to five spot Bitcoin (BTC) Exchange-Traded Fund (ETF) applications by incorporating a surveillance-sharing agreement (SSA) with Coinbase. The Cboe ETF amendments were submitted to the United States Securities and Exchange Commission (SEC) on July 11. The ETFs in question are proposed by Invesco, VanEck, WisdomTree, … Read more

Cboe Global Markets, a prominent exchange operator, has made revisions to five spot Bitcoin (BTC) Exchange-Traded Fund (ETF) applications by incorporating a surveillance-sharing agreement (SSA) with Coinbase. The Cboe ETF amendments were submitted to the United States Securities and Exchange Commission (SEC) on July 11. The ETFs in question are proposed by Invesco, VanEck, WisdomTree, Fidelity, and a joint fund by ARK Invest and 21Shares.

Cboe confirms surveillance sharing agreement with Coinbase

Cboe confirmed that it has reached an agreement with Coinbase to establish the surveillance-sharing agreements. The settlement between the Cboe and Coinbase occurred on June 21. In the initial filings for the ETFs, it was mentioned that the parties were expecting to enter into an SSA before potentially offering the ETFs. The inclusion of SSAs aims to meet the SEC’s requirements, which focus on preventing fraudulent activities and safeguarding investors. The regulator had outlined on March 10 that an exchange seeking approval for an ETF must have a comprehensive surveillance-sharing agreement with a regulated market of significant size that relates to the underlying or reference bitcoin assets.

Spot Bitcoin ETF applications have garnered considerable attention in the industry as of late. Fidelity, Invesco, Wisdom Tree, and Valkyrie followed suit after BlackRock, a $10 trillion asset management firm, filed an ETF for SEC approval. On June 29, the U.S. stock exchange Nasdaq also resubmitted its application to list BlackRock’s ETF, which similarly included an SSA with Coinbase.

Following the filing amendments by Cboe, the shares of Coinbase (COIN) experienced an uptick of nearly 10% on June 11, reaching their highest price since August 16, as reported by Google Finance. However, it is worth noting that Coinbase is currently embroiled in a legal battle with the SEC over allegations of offering cryptocurrencies that the regulator deems to be unregistered securities.

Coinbase agreement boosts investor sentiment

The introduction of SSAs in the ETF applications indicates a concerted effort by the exchange operators and fund providers to align with regulatory requirements. By partnering with Coinbase, a prominent and regulated cryptocurrency exchange, these entities aim to enhance surveillance and oversight in the Bitcoin market. The involvement of established financial institutions, such as Invesco, VanEck, WisdomTree, Fidelity, and ARK Invest, signifies their confidence in the potential of Bitcoin ETFs and their commitment to regulatory compliance.

The implementation of SSAs is a significant step toward addressing the SEC’s concerns about market manipulation and investor protection. These agreements enable the sharing of surveillance data between the ETF operators and Coinbase, allowing for the monitoring and detection of any suspicious trading activities related to the underlying Bitcoin assets. This collaboration between traditional financial institutions and cryptocurrency platforms like Coinbase is crucial in bridging the gap between the emerging digital asset market and the established regulatory framework.

While the Bitcoin ETF filings and partnership with Coinbase have positively influenced investor sentiment toward Coinbase shares, it is essential to recognize the ongoing legal challenges faced by the company. The SEC lawsuit against Coinbase alleges that the platform offered cryptocurrencies that should have been registered as securities. The outcome of this lawsuit will have implications not only for Coinbase but also for the broader cryptocurrency industry and its relationship with regulators.

Cboe Global Markets’ amendments to spot Bitcoin ETF applications to incorporate surveillance-sharing agreements with Coinbase demonstrate the industry’s proactive approach to meeting regulatory standards. The involvement of prominent financial institutions in filing ETF applications and partnering with regulated cryptocurrency exchanges signifies their confidence in the potential of Bitcoin ETFs. The implementation of surveillance-sharing agreements enhances oversight and aims to prevent fraudulent conduct, addressing the SEC’s concerns. However, it is essential to note that Coinbase is simultaneously contending with a lawsuit from the SEC regarding the offering of unregistered securities. The outcome of this legal battle will have implications for both Coinbase and the wider cryptocurrency industry.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

文章来源于互联网:Cboe amends Bitcoin ETF filing after surveillance agreement with Coinbase

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年7月13日 13:13
Next 2023年7月13日 13:59

Related articles

  • Brazil unleashes new crypto taxes

    TL;DR Breakdown Reports from Brazil indicate that a congressional committee has greenlit revisions to a bill that formally designates cryptocurrencies as “financial assets” for taxation purposes in the context of overseas investments. Profits ranging between 6,000 and 50,000 reais (approximately $10,000) would be subject to a 15% tax rate, while amounts surpassing this threshold would incur taxes at a rate of 22.5%. These changes would specifically apply to cryptocurrency exchanges that lack a physical presence in Brazil. Description Brazilian legislators are making strides toward implementing new legislation that would heighten taxes on cryptocurrencies held outside the country. Reports from the nation indicate that a congressional committee has greenlit revisions to a bill that formally designates cryptocurrencies as “financial assets” for taxation purposes in the context of overseas investments. Furthermore, this proposed bill seeks … Read more Brazilian legislators are making strides toward implementing new legislation that would heighten taxes on cryptocurrencies held outside the country. Reports from the nation indicate that a congressional committee has greenlit revisions to a bill that formally designates cryptocurrencies as “financial assets” for taxation purposes…

    Article 2023年8月13日
  • Euler Hacker Sends Cryptic Messages Encouraging Ethical Hacking and Hints at Future Actions

    TL;DR Breakdown The Euler hacker, who returned $200 million in stolen crypto, has sent cryptic messages encouraging ethical hacking and advising against stealing. The messages were encoded in transactions and included references to Buenos Aires and the Argentine people. The hacker self-identified as an Argentine Peronist and urged beginner hackers to pursue bounties instead of theft Description In a surprising turn of events, the notorious Euler hacker, who recently returned $200 million in stolen cryptocurrency, has resurfaced with cryptic messages encoded within transactions. The self-proclaimed Argentine and “Peronist” hacker, known for exploiting vulnerabilities in the Euler code, urged beginner hackers to pursue ethical bounties instead of engaging in illicit activities. The enigmatic … Read more In a surprising turn of events, the notorious Euler hacker, who recently returned $200 million in stolen cryptocurrency, has resurfaced with cryptic messages encoded within transactions. The self-proclaimed Argentine and “Peronist” hacker, known for exploiting vulnerabilities in the Euler code, urged beginner hackers to pursue ethical bounties instead of engaging in illicit activities. The enigmatic messages, sent by the hacker during the evening in London,…

    Article 2023年6月21日
  • Jim Cramer drops bombshell on impending debt ceiling deal

    TL;DR Breakdown CNBC’s Jim Cramer warns investors to prepare for the coming week as a resolution to the U.S. debt ceiling crisis nears. Cramer urges his investing club members to maintain a healthy cash reserve in the face of potential market fluctuations. Significant earnings reports to watch in the coming week include Zoom, Lowe’s, Dick’s Sporting Goods, Williams-Sonoma, ELF Beauty, Nvidia, Best Buy, and Ulta Beauty. In a stunning prediction, CNBC’s noted financial commentator Jim Cramer has warned investors to steel themselves for the turbulence of the forthcoming week as the U.S. Congress tiptoes towards a resolution on the ongoing debt ceiling impasse. Cramer, who has long been an influential voice in financial circles, believes the successful negotiation of the debt ceiling crisis could unleash a torrent of previously sidelined capital back into the stock market. Decoding the debt ceiling drama According to Cramer, the endgame of the debt ceiling crisis promises a lucrative payout for investors, with the potential to rejuvenate a market that’s been somewhat restrained. “When we cross this debt ceiling hurdle, stocks are going to become…

    Article 2023年5月22日
  • Anthony Blinken is trying to fix China-US relationship

    TL;DR Breakdown Antony Blinken, the U.S. Secretary of State, has visited China, the first such visit since 2018. His mission is to revitalize US-China relations that have been strained, especially after the suspected Chinese spy balloon incident. Description Stepping into the historical cauldron of US-China relations, Antony Blinken, the U.S. Secretary of State, has become a beacon of diplomatic engagement. Marking the first such visit to China since 2018, Blinken’s trip hints at a strategic shift towards reviving the tenuous ties between the two global powers. Following an incident involving a suspected Chinese … Read more Stepping into the historical cauldron of US-China relations, Antony Blinken, the U.S. Secretary of State, has become a beacon of diplomatic engagement. Marking the first such visit to China since 2018, Blinken’s trip hints at a strategic shift towards reviving the tenuous ties between the two global powers. Following an incident involving a suspected Chinese espionage balloon hovering over North America, the fragile relationship was strained further, making Blinken’s task even more critical. Navigating through a troubled history Over a span of five-and-a-half hours,…

    Article 2023年6月21日
  • Russia claims the U.S. is using iPhones to spy

    TL;DR Breakdown Russia’s Federal Security Service (FSB) alleges a U.S. espionage operation, compromising thousands of iPhones, as well as targeting domestic and foreign diplomats in Russia. Apple refutes the accusation, stating it never cooperated with any government to insert a backdoor into its products. Kaspersky Lab, a cybersecurity firm based in Moscow, confirms that dozens of its employees’ devices were compromised in this operation. The FSB suggests that the operation signals a close partnership between Apple and the U.S. National Security Agency (NSA), though it provides no concrete evidence. In an unforeseen development, the Federal Security Service (FSB) in Russia ignited a fresh diplomatic controversy by accusing the U.S. of deploying an advanced surveillance system that compromised thousands of iPhones. The FSB, a contemporary incarnation of the Soviet-era KGB, has emphasized that the alleged espionage operation targeted not just native Russians but also numerous foreign diplomats stationed in Russia and ex-Soviet territories. Russia unveils the unseen enemy According to the FSB, this operation starkly underscores the purported tight-knit collaboration between Apple Inc., the maker of iPhones, and the U.S. National…

    Article 2023年6月6日
TOP