Invesco, VanEck, 21Shares, WisdomTree and Fidelity sent SEC updated proposals to launch a spot bitcoin ETF after the Commission called the previous ones “fuzzy and inexhaustible”. Writes about it Bloomberg.
On June 30, sources told the WSJ that the Commission had returned the applications because they did not contain sufficient information regarding the so-called joint monitoring agreement or the details of this mechanism. The latter has been a key addition to BlackRock’s bid.
The aforementioned companies included in the proposals a mention that they will be supported in joint supervision by the Coinbase exchange.
The agency noted the increased chances of applicants to receive approval, as the joint supervision mechanism is aimed at reducing fraud and market manipulation. The SEC’s concerns about the lack of organization of this process led to the rejection of all 30 submitted offers to launch a spot bitcoin ETF.
The commission made an exception for ProShares and Valkyrie Investments products, which are based on Chicago Mercantile Exchange bitcoin futures.
A Bloomberg source said Coinbase is ready to support fund sponsors in various areas. In particular, 21Shares and ARK Invest have agreed with the exchange on the storage of digital assets. Their joint application is first in line for consideration by the SEC.
Recall, Circle CEO Jeremy Allaire predicted that the recent wave of applications for the launch of cryptocurrency spot ETFs based on digital gold will lead to regulatory approval.
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Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
Invesco, VanEck, 21Shares, WisdomTree and Fidelity sent SEC updated proposals to launch a spot bitcoin ETF after the Commission called the previous ones “fuzzy and inexhaustible”. Writes about it Bloomberg.
On June 30, sources told the WSJ that the Commission had returned the applications because they did not contain sufficient information regarding the so-called joint monitoring agreement or the details of this mechanism. The latter has been a key addition to BlackRock’s bid.
The aforementioned companies included in the proposals a mention that they will be supported in joint supervision by the Coinbase exchange.
The agency noted the increased chances of applicants to receive approval, as the joint supervision mechanism is aimed at reducing fraud and market manipulation. The SEC’s concerns about the lack of organization of this process led to the rejection of all 30 submitted offers to launch a spot bitcoin ETF.
The commission made an exception for ProShares and Valkyrie Investments products, which are based on Chicago Mercantile Exchange bitcoin futures.
A Bloomberg source said Coinbase is ready to support fund sponsors in various areas. In particular, 21Shares and ARK Invest have agreed with the exchange on the storage of digital assets. Their joint application is first in line for consideration by the SEC.
Recall, Circle CEO Jeremy Allaire predicted that the recent wave of applications for the launch of cryptocurrency spot ETFs based on digital gold will lead to regulatory approval.
Found a mistake in the text? Select it and press CTRL+ENTER
Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!