Miguel Lopez In response to recent reports suggesting that the spot bitcoin exchange-traded funds (ETFs) filed in the past few weeks did not meet the U.S. Securities and Exchange Commission’s (SEC) standards, the Chicago Board Options Exchange (Cboe) has resubmitted its filings for these ETFs under 19b-4. Notably, Cboe has now included Coinbase as a partner in the surveillance-sharing agreement for the spot bitcoin ETFs.
Cboe Takes Action to Address SEC Concerns, Modifies Spot Bitcoin ETF Filings with Coinbase Collaboration
Following a report by the Wall Street Journal (WSJ) that revealed the SEC’s dissatisfaction with the recent batch of spot bitcoin ETF applications from various financial institutions, including Blackrock, Wisdomtree, Valkyrie, Fidelity, Ark Investment, and Invesco, four firms have resubmitted their filings on Friday.
According to an article by WSJ contributor Vicky Ge Huang, individuals familiar with the matter disclosed that the regulatory body found the ETF registrations inadequate. Cboe and Nasdaq were among the entities informed of this development, as stated in the WSJ report.
The Cboe spokesperson confirmed the exchange’s intention to resubmit its spot bitcoin ETF filings, as reported by Ge Huang. As promised, Cboe proceeded to update and make the necessary amendments to the filings, initially submitted by Fidelity, Vaneck, Invesco, and Wisdomtree.
A significant modification was made on Friday as Coinbase was designated as a partner in the surveillance-sharing agreement (SSA). It’s worth noting that although Blackrock and Ark did not resubmit their applications, Blackrock had already identified Coinbase as its SSA partner.
Currently, the U.S. regulatory watchdog remains skeptical about the spot bitcoin ETF sponsors’ ability to protect the funds against manipulation and ensure investor safety. Despite approving multiple futures exchange-traded funds, the SEC recently gave the green light to a bitcoin futures ETF with leverage.
Interestingly, the latest ETF applications and Blackrock’s filing have included Coinbase as a surveillance-sharing agreement (SSA) partner. However, it is important to note that the San Francisco-based firm is currently involved in a legal dispute with the securities regulator, as the SEC has filed a lawsuit against the exchange.
Will the inclusion of Coinbase as a surveillance-sharing partner in the resubmitted spot bitcoin ETF filings satisfy the SEC’s concerns? We invite you to share your thoughts and opinions on this matter in the comments section below.
Table Of Contents
Frequently Asked Questions (FAQs) about spot Bitcoin ETF filings
What prompted Cboe to resubmit their spot Bitcoin ETF filings?
Cboe resubmitted their spot Bitcoin ETF filings in response to reports suggesting that the initial filings did not meet the U.S. Securities and Exchange Commission’s (SEC) standards. The SEC expressed dissatisfaction with the ETF registrations, prompting Cboe and other firms to revise and update their filings.
Why did Cboe include Coinbase as a partner in the surveillance-sharing agreement?
Cboe included Coinbase as a partner in the surveillance-sharing agreement to address the SEC’s concerns regarding the ability to safeguard the funds against manipulation and ensure investor protection. Coinbase’s involvement in the surveillance-sharing agreement aims to enhance transparency and mitigate potential risks associated with spot Bitcoin ETFs.
What other financial institutions resubmitted their ETF filings?
Alongside Cboe, other prominent financial institutions, including Fidelity, Vaneck, Invesco, and Wisdomtree, also resubmitted their spot Bitcoin ETF filings. Although Blackrock and Ark did not resubmit their applications, Blackrock had previously identified Coinbase as its partner in the surveillance-sharing agreement.
Is the SEC satisfied with the inclusion of Coinbase in the resubmitted filings?
The satisfaction of the SEC with the inclusion of Coinbase in the resubmitted filings remains uncertain. While Coinbase’s involvement is a positive step towards addressing concerns, it is important to note that Coinbase is currently entangled in a legal dispute with the SEC. The ultimate decision regarding the approval of the spot Bitcoin ETFs rests with the regulatory body.
More about spot Bitcoin ETF filings
- U.S. Securities and Exchange Commission (SEC)
- Chicago Board Options Exchange (Cboe)
- Coinbase
- Wall Street Journal (WSJ)
- SEC’s Lawsuit Against Coinbase
4 comments
omg! SEC not happy with da first filings. Cboe & othr big banks gotta do bettr. adding coinbase is a smart move tho. dey need to protecc investors!
cboo resubmitted spot bitcoin etf filingz! gud move. inclding coinbase as partnr showz dey r serious abt SEC conserns. hope SEC likz it!
Fingers crossed! Cboe & Coinbase tryna satisfy da SEC. hope dis time SEC finally approve spot bitcoin ETFs. we need more options to invest in crypto!
SEC always gotta make it difficult. Cboe resubmitting filings, but will coinbase be enuf? dey already got lawsuit. SEC needs to stop playin and approve da ETFs!