The Nasdaq resubmitted BlackRock’s spot Bitcoin exchange-traded fund (ETF) application on July 3 after revealing that BlackRock intended to enter into a surveillance sharing agreement (SSA) with Coinbase. . Coinbase will function as a spot Bitcoin exchange as required by the SEC.
The move mirrors other applications filed by Seeboe Global Markets on behalf of global asset managers Fidelity Investments and Ark Investments, both of which seek to list Coinbase as an SSA partner. Selected.
The SEC remanded a petition filed in June for lack of clarity and comprehensiveness. The main concern was the lack of specification for spot bitcoin exchanges to be part of the ETF’s SSA.
Despite some concerns stemming from a legal battle with the SEC, the industry largely expected the exchange to choose Coinbase because of its size and market share. Among its requirements, the regulator said spot bitcoin exchanges must operate a “substantial market” to qualify.
With a number of recent spot Bitcoin ETF applications being refiled with the SEC, Ball is now in oversight court and the industry is eagerly awaiting its verdict.
The SEC has rejected similar filings for years, and there was a time in 2022 when most companies had high hopes that regulators would change their minds in the near future. But traditional big players entering the race are encouraging renewed optimism.
Research firm Bernstein said on July 3 that it expects the ETF application to get the go-ahead given the fact that it approved the futures product.
Analysts believe that the arguments used to gain approval for futures-based products also apply to spot bitcoin products and are sufficient to gain regulatory approval.
The story of Nasdaq re-examining BlackRock’s Spot Bitcoin ETF application and appointing Coinbase as monitoring sharing partner first appeared on CryptoSlate.