Saturday, July 20, 2024

Nasdaq has resubmitted its application for a spot Bitcoin exchange-traded fund (ETF), following the lead of other firms like Cboe, Fidelity, Vaneck, Invesco, and Wisdomtree. In an effort to address concerns raised by the U.S. Securities and Exchange Commission (SEC), Nasdaq has made amendments to the Blackrock spot Bitcoin ETF filing. Notably, Coinbase has been included as a partner for surveillance-sharing. This move aims to enhance market surveillance and ensure investor protection, which have been significant factors in the SEC’s past denials of spot Bitcoin ETFs.

Blackrock, being the largest asset manager globally, carries substantial credibility, leading to speculation that its involvement could increase the chances of approval for the spot Bitcoin ETF. The agreement between Nasdaq and Coinbase serves as a bilateral surveillance-sharing agreement (SSA) and supplements the exchange’s existing market surveillance program. In addition to the SSA, Coinbase has been designated as the custodian for Blackrock in the ETF filing submitted to the SEC.

Some experts believe that this renewed effort, particularly with the involvement of major players like Blackrock, could potentially pave the way for regulatory approval. Nate Geraci, co-founder of the ETF Institute, highlights that the explicit inclusion of an SSA partner gives Blackrock an advantage over simply expecting to enter into such an agreement.

What are your thoughts on the resubmission of spot Bitcoin ETF applications by major players like Blackrock? Do you believe this renewed effort will pave the way for regulatory approval? Share your thoughts and opinions about this subject in the comments section below.

Frequently Asked Questions (FAQs) about spot Bitcoin ETF

What is the significance of Nasdaq resubmitting Blackrock’s spot Bitcoin ETF application?

Nasdaq’s resubmission of Blackrock’s spot Bitcoin ETF application is significant because it indicates a renewed effort by major players in the industry to seek regulatory approval for a Bitcoin ETF. This move, along with partnerships like Coinbase for surveillance-sharing, demonstrates the commitment to addressing concerns raised by regulatory authorities.

How does the involvement of Blackrock impact the chances of regulatory approval?

Blackrock’s involvement as the world’s largest asset manager brings significant credibility to the spot Bitcoin ETF application. The reputation and influence of Blackrock could potentially increase the likelihood of regulatory approval for the ETF. However, approval ultimately depends on addressing concerns related to market manipulation and investor protection.

What is the role of Coinbase in this resubmission?

Coinbase plays a crucial role in the resubmission of Blackrock’s spot Bitcoin ETF application. It is designated as a surveillance-sharing agreement (SSA) partner, which means it will cooperate with Nasdaq to exchange surveillance information. Coinbase also serves as the custodian for Blackrock in the ETF filing, further solidifying their involvement in the process.

Will this resubmission pave the way for regulatory approval?

The resubmission of spot Bitcoin ETF applications, including Blackrock’s, by major players demonstrates a renewed effort to gain regulatory approval. While the involvement of reputable firms like Blackrock and partnerships with Coinbase for surveillance-sharing are positive factors, it is ultimately up to the regulatory authorities, such as the SEC, to assess the application and address concerns before granting approval.

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