Nasdaq resubmitted BlackRock’s spot Bitcoin exchange-traded fund (ETF) filing on July 3 after it clarified that it intended to enter into a Supervisory Sharing Agreement (SSA) with Coinbase – which will serve bitcoin cash exchange required by the SEC.
The move mirrors other applications filed by Cboe Global Markets on behalf of global asset manager Fidelity Investments and Ark Invest, which also chose to list Coinbase as their SSA partner.
The SEC returned the applications filed during the month of June for lack of clarity and completeness. The main area of concern was the lack of specification that spot bitcoin exchange would be part of the SSA for ETFs.
The industry largely expected exchanges to choose Coinbase because of its size and market share, despite some concerns stemming from its legal battle with the SEC. The regulator said in its requirements that the Bitcoin spot exchange must operate a “significantly sized market” to be eligible.
With many recent spot Bitcoin ETF applications filed with the SEC, the ball is now in the watchdog’s court, and the industry is eagerly awaiting its decision.
The SEC has denied similar requests for years now, and there was a time in 2022 when most companies had hoped the regulator would change its stance in the near future. However, large traditional financial institutions entering the fray have encouraged renewed optimism.
Research firm Bernstein said on July 3 that it expects ETF applications to be given the green light based on the fact that it has approved the futures products.
Analysts believe that the arguments used to gain approval for futures-based products also apply to a spot Bitcoin product and should be sufficient to gain regulatory approval.
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