- Coinbase to be Supervisory Partner for Fidelity, WisdomTree, VanEck, ARK Invest, Invesco and BlackRock
- The day before, the SEC told Nasdaq and Cboe that their filings were inadequate.
Exchange Cboe Digital filed re-bids to create bitcoin ETFs to be traded on their platform. The company is looking to enter into a joint oversight agreement for Fidelity, WisdomTree, VanEck, ARK Invest, Invesco and BlackRock with a crypto exchange with Coinbase.
On June 30, the SEC told Cboe and Nasdaq that their filings were “inadequate” because they did not list the markets with which the fund sponsors entered into joint surveillance agreements. In clarifying its bid, Cboe said that Coinbase is an important part of the US bitcoin market and named the exchange as a partner for such transactions.
“The co-watch agreement between Cboe and Coinbase is expected to allow the exchange to access data on bitcoin spot transactions that take place on Coinbase.” Cboe said in a statement.
For years, the US Securities and Exchange Commission (SEC) has rejected such applications. Recently, BlackRock has filed on the Nasdaq exchange, while other companies are working with Cboe.
The SEC has previously called for joint oversight agreements with major markets to prevent market manipulation and protect consumer interests. The absence of such agreements significantly affected many who were denied applications by the Commission to create a bitcoin ETF.
However, the Securities and Exchange Commission must formally confirm the consideration of applications. The 45-day review period will begin when the application is posted in the Federal Register. But in general, the SEC can consider the application for 240 days, constantly extending the period by 45 days.
Other than that, it is not yet clear whether the SEC will agree that Coinbase is a significant regulated market for bitcoin.